Core Viewpoint - CICC reports that Galaxy Entertainment's Q3 revenue increased by 14% year-on-year to HKD 12.163 billion, which is 96% of the same period in 2019 [1] - Adjusted EBITDA also rose by 14% year-on-year to HKD 3.341 billion, reaching 81% of the same period in 2019, aligning with market expectations of HKD 3.321 billion [1] Financial Performance - The increase in revenue and EBITDA is attributed to heightened market competition leading to increased operating expenses and the normalization of VIP room win rates [1] - CICC has revised down its adjusted EBITDA forecasts for Galaxy Entertainment for this year and next year by 1% and 3% to HKD 14.031 billion and HKD 14.923 billion, respectively [1] Investment Rating - CICC maintains an "outperform" rating for Galaxy Entertainment with a target price set at HKD 44.8 [1]

Core Viewpoint - Galaxy Entertainment reported strong financial results for 3Q25, with net revenue and adjusted EBITDA both increasing by 14% year-over-year, aligning with expectations. The company maintains a positive outlook with a target price of HK$50, indicating a 30% upside potential, and continues to hold a Buy rating [1][5]. Financial Performance - The company's rolling chip volume increased by 46% year-over-year, mass gaming revenue rose by 13% year-over-year, and slot revenue grew by 14% year-over-year. Total gross gaming revenue, mass market revenue, slot machine revenue, and VIP rolling chip volume have recovered to 90%, 138%, 125%, and 41% of 3Q19 levels, respectively. EBITDA has recovered to 81% of the 2019 level [2]. New Developments - The majority of Capella at Galaxy Macau and Horizon Plus have opened, with all facilities expected to be fully operational by early next year. The upgrade program for StarWorld is anticipated to be completed by 2026, while the construction of Galaxy Macau Phase 4 is expected to finish in 2027, featuring several high-end hotel brands, a theater with approximately 5,000 seats, green gardens, a water resort deck, and a casino [3]. Non-Gaming Initiatives - In the first nine months of 2025, the company hosted around 260 entertainment, sports, arts and culture, and MICE events, leading to a 41% year-over-year increase in foot traffic at Galaxy Macau. Additionally, the company has established a four-year strategic partnership with the Ultimate Fighting Championship, renewed a three-year strategic partnership with Tencent Music, and renewed a three-year cooperation agreement with Damai Entertainment under Alibaba Group and Macau Pass for event ticketing [4].

Core Viewpoint - Galaxy Entertainment's Q3 2025 performance aligns with market expectations, showing a revenue of HKD 12.163 billion, a 14% year-on-year increase and a 1% quarter-on-quarter increase, recovering to 96% of Q3 2019 levels [1] Financial Performance - Adjusted EBITDA for the company was HKD 3.341 billion, reflecting a 14% year-on-year increase but a 6% quarter-on-quarter decline, recovering to 81% of Q3 2019 levels, closely matching Bloomberg's expectation of HKD 3.321 billion [1] - The increase in operational expenditure and normalization of VIP business win rates are identified as key factors affecting performance [1] Development Trends - Galaxy aims for a total gaming revenue market share of 20-22%, with strong performance noted in October 2025 due to higher VIP business win rates [1] - Management observed an improvement in demand in the last weeks of October 2025, with expectations for a strong finish in Q4 2025 [1] - One-time marketing expenses during the summer led to a 300 basis point decline in profit margins, while average fixed operating costs remained stable compared to Q2 2025 [1] - The company plans to host large concerts and sports events in Macau, having signed partnerships with UFC, Tencent, and Damai for various events and services [1] - Galaxy intends to relocate some gaming tables from Galaxy Macau to the StarWorld Hotel, anticipating demand from existing satellite casino customers after the satellite casino's closure at the end of 2025 [1] - Phase 4 of Galaxy is expected to be completed by 2027, with Broadway potentially serving as future land reserves for redesign or reconstruction for Phase 5 expansion [1] - Despite delays in the legalization of Thai gambling, Galaxy remains interested in investment opportunities in Thailand [1] Earnings Forecast and Valuation - Due to increased operational expenditures, the adjusted EBITDA forecasts for 2025 and 2026 have been revised down by 1% and 3% to HKD 14.031 billion and HKD 14.923 billion, respectively [2] - The current stock price corresponds to 9 times the 2026 EV/Adjusted EBITDA, with a maintained "outperform" rating and a target price of HKD 44.80, indicating a 16% upside potential based on an 11 times 2026 EV/Adjusted EBITDA valuation [2]

Core Viewpoint - UBS reports that Galaxy Entertainment (00027) achieved an EBITDA of approximately HKD 3.3 billion in Q3, representing a year-on-year increase of 14% but a quarter-on-quarter decline of 6% [1] Financial Performance - EBITDA of HKD 3.3 billion aligns with UBS and market expectations, even when adjusting for VIP room win rate impacts [1] - Mass gaming revenue increased by 6% quarter-on-quarter, driven by the normalization of mass table win rates, outperforming the industry’s quarter-on-quarter growth of approximately 2-3% [1] - VIP gaming revenue grew by about 17% quarter-on-quarter; however, due to a win rate of only 3.1%, VIP revenue experienced a quarter-on-quarter decline of 15% from a high base [1] Operational Insights - The operation of the Capella Hotel is gradually stabilizing, leading to increased costs, with average daily operating expenses and reinvestment rates rising by 9% and 110 basis points quarter-on-quarter, respectively [1] - The luck-adjusted EBITDA margin (excluding construction business) remains around 27.5% [1] Investment Rating - UBS maintains a "Buy" rating for Galaxy Entertainment with a target price of HKD 46.9 [1]

Core Viewpoint - UBS reported that Galaxy Entertainment's (00027) Q3 EBITDA was approximately 3.3 billion HKD, representing a year-on-year increase of 14% but a quarter-on-quarter decline of 6% [1] Financial Performance - EBITDA of 3.3 billion HKD aligns with UBS and market expectations, even when adjusting for VIP room win rates [1] - Mass gaming revenue increased by 6% quarter-on-quarter, driven by the normalization of mass table win rates, outperforming the industry growth of approximately 2-3% [1] - VIP gaming revenue grew by about 17% quarter-on-quarter; however, due to a win rate of only 3.1%, VIP revenue saw a quarter-on-quarter decline of 15% from a high base [1] Operational Insights - The operation of the Galaxy Hotel is gradually stabilizing, leading to increased costs, with average daily operating expenses and reinvestment rates rising by 9% and 110 basis points quarter-on-quarter, respectively [1] - The luck-adjusted EBITDA margin (excluding construction business) remains around 27.5% [1] Investment Rating - UBS maintains a "Buy" rating for Galaxy Entertainment with a target price of 46.9 HKD [1]

Core Viewpoint - Galaxy Entertainment (00027) is expected to see a 5% quarter-on-quarter growth in normalized adjusted EBITDA for Q3 2025, despite a reduction of 140 million yuan due to Typhoon Haikui [1] Group 1: Financial Performance - The company reported strong performance in October, driven by robust foot traffic and exceptionally high win rates at VIP gaming tables, with this momentum continuing into November [1] - Management anticipates that Q4 2025 performance will slightly exceed typical seasonal fluctuations, primarily supported by high-end mass market and VIP room business [1] Group 2: Analyst Ratings - The rating for Galaxy Entertainment is maintained at "Buy," with the target price adjusted from 49 HKD to 47 HKD [1]

大华继显发布研报称，银河娱乐(00027)2025年第三季正常化调整后EBITDA按季增长5%，但台风桦加 沙导致EBITDA减少1.4亿元。公司于10月凭借稳健的客流量及贵宾赌台异常高胜率，交出亮眼业绩，此 势头延续至11月。展望未来，管理层预期2025年第四季表现将略高于常规季节性波动，主要受惠于高端 中场及贵宾厅业务的支撑。维持"买入"评级;将目标价由49港元下调至47港元。 ...

Core Viewpoint - UBS reported that Galaxy Entertainment's EBITDA for the third quarter was approximately HKD 3.3 billion, representing a year-on-year increase of 14% and a quarter-on-quarter decrease of 6%, aligning with the bank's and market expectations [1] Financial Performance - EBITDA, when adjusted for VIP room win rate impact, also recorded HKD 3.3 billion, consistent with expectations [1] - The operating expenses and reinvestment rate increased by 9% and 110 basis points quarter-on-quarter, respectively, due to the gradual ramp-up of operations at the Capella Hotel [1] - The adjusted EBITDA margin (excluding construction business) remained around 27.5% [1] Investment Rating - UBS maintains a "Buy" rating for Galaxy Entertainment with a target price of HKD 46.9 [1]

Group 1 - Goldman Sachs has adjusted Galaxy Entertainment's EBITDA forecast for 2025 to 2027 by 1-2%, raising the target price from HKD 53.2 to HKD 53.7, while maintaining a "Buy" rating, indicating potential upside in Q4 EBITDA [1] - Galaxy Entertainment's Q3 EBITDA decreased by 6% quarter-on-quarter to HKD 3.3 billion, aligning with market expectations, impacted by various factors including reduced contributions from construction business and high VIP win rates [1] - The adjusted EBITDA increased by 7% year-on-year and 5% quarter-on-quarter, with a stable profit margin of 27.4%, as accelerated gaming volume offset additional costs [1] Group 2 - The group's gaming revenue market share in Q3 was stable at 20.3%, slightly down from 20.4% in the previous quarter, with management noting strong gaming revenue momentum continuing into November [1] - Capital expenditures for the period were only HKD 600 million, with a cumulative total of HKD 2.6 billion for the first three quarters, leading to a downward revision of the annual guidance from HKD 7 billion to HKD 3.5 billion [2] - The group hosted approximately 260 events in the first three quarters, resulting in a 41% year-on-year increase in visitor traffic to Galaxy Macau, and plans to assist in hosting the National Games and collaborate with UFC and Tencent Music for various events [2]

Core Viewpoint - The report from Credit Lyonnais indicates that Galaxy Entertainment (00027) achieved a 14% year-on-year increase in adjusted EBITDA for the third quarter, reaching 3.3 billion HKD, which is 4% above expectations [1] Financial Performance - Galaxy Entertainment's third-quarter adjusted EBITDA rose to 3.3 billion HKD, reflecting a 14% increase compared to the previous year [1] - The company's net cash reached 4.5 billion USD, further strengthening its financial position [1] Market Position - Credit Lyonnais believes that Galaxy Entertainment continues to have an advantage in gaining market share in revenue [1] - The company is expected to potentially increase its dividend payout ratio over the next 12 months [1] Investment Rating - Credit Lyonnais maintains a "Outperform" rating for Galaxy Entertainment with a target price of 50.5 HKD, continuing to list it as one of the top two preferred stocks in Macau [1]