Core Viewpoint - Macquarie expresses optimism about Galaxy Entertainment (00027) due to its strong property project reserves and ample hotel room supply, with the upcoming full operation of the Galaxy Hotel expected to enhance its share in the premium mass market [1] Group 1: Company Insights - Galaxy Entertainment is anticipated to benefit from the opening of the Galaxy Hotel, which is expected to boost its market share in the high-end mass market [1] - Macquarie suggests investors reassess Sands China (01928) and MGM China (02282), highlighting both companies' potential for market share growth and attractive valuation levels [1] Group 2: Industry Performance - Third-party data indicates that Macau's gaming revenue increased by 32% year-on-year over the past week, with improvements in the first week of the month, suggesting a return of major players to gaming activities post-Asian Games [1] - Average daily gaming revenue in the mass market grew by 5% to 8% compared to November, while VIP room daily gaming revenue increased by 6% to 8%, with VIP win rates ranging from 2.9% to 3.2%, down from 3.2% to 3.5% in November [1] - Macquarie expects December gaming revenue to maintain the momentum from the previous month, projecting a double-digit year-on-year increase [1] Group 3: Market Share Expectations - Macquarie forecasts that Wynn Macau (01128) and SJM Holdings (00880) will capture the most market share in November, with increases of 1.5 and 1 percentage points, respectively, while Sands China and MGM China are expected to each gain 0.5 percentage points [1] - Sands China's market share has steadily rebounded over the past few months, reaching a 13-month high of 24.5% in November [1]

Core Viewpoint - Macquarie is optimistic about Galaxy Entertainment (00027) due to its strong property project reserves and ample hotel room supply, with the upcoming opening of the Galaxy Hotel expected to enhance its market share in the premium mass segment [1] Company Analysis - Galaxy Entertainment is expected to benefit from the opening of the Galaxy Hotel by the end of this year, which will likely boost its market share in the high-end mass market [1] - Sands China (01928) and MGM China (02282) are recommended for investors to reassess, as both companies possess growth advantages in market share and attractive valuation levels [1] Industry Insights - Third-party data indicates that Macau's gaming revenue increased by 32% year-on-year over the past week, with improvements in the first week of the month compared to the previous month, suggesting a return of major players to gaming activities post-Asian Games [1] - Average daily gaming revenue in the mass market grew by 5% to 8% compared to November, while VIP room daily gaming revenue increased by 6% to 8%, with VIP win rates ranging from 2.9% to 3.2%, down from 3.2% to 3.5% in November [1] - Macquarie anticipates that December's gaming revenue will maintain the momentum from the previous month, with a year-on-year double-digit growth expected [1] Market Share Projections - Macquarie predicts that Wynn Macau (01128) and SJM Holdings (00880) will gain the most market share in November, with increases of 1.5 and 1 percentage points, respectively, while Sands China and MGM China are expected to each gain 0.5 percentage points [1] - Sands China's market share has steadily rebounded over the past few months, reaching a 13-month high of 24.5% in November [1]

Core Viewpoint - Macquarie's research report indicates that Macau's gaming revenue increased by 32% year-on-year in the past week, with improvements in the first week of this month, suggesting that major players may be re-engaging in gaming activities post the National Games [1] Group 1: Industry Insights - The report anticipates that December's gaming revenue will maintain the momentum from the previous month, projecting a double-digit year-on-year growth [1] - The strong performance in Macau's gaming sector is attributed to the re-engagement of key players in the market [1] Group 2: Company Recommendations - Macquarie expresses a positive outlook on Galaxy Entertainment, highlighting its robust property project reserves and ample hotel room supply [1] - The anticipated full operation of the Galaxy Macau's Capella Hotel by the end of this year is expected to enhance its market share in the high-end mass market [1] - Investors are encouraged to reassess Sands China and MGM China, as both companies possess advantages in market share growth and attractive valuation levels [1]

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for the first seven days of December reached 5.2 billion MOP, showing a daily average of approximately 742 million MOP, which is over a 5% increase from November and more than a 25% increase year-on-year, despite a low base [1] Industry Summary - If the optimistic growth trend continues until the end of the month, the total gaming revenue for Q4 could increase by 18% to 19% year-on-year and 8% to 9% quarter-on-quarter, reaching a six-year high, significantly above the bank's and market's expectations of 13% to 14% [1] - The current industry valuation is considered extremely low, with a projected EV/EBITDA ratio of 9 times for 2026, below the historical average of 13 times [1] - An increase of 1 times in valuation multiples could enhance equity value by over 15%, and if valuations return to historical averages, the total market capitalization of the sector could rise by more than 60% [1] Company Summary - In the short term, the company is optimistic about Sands China (01928), anticipating an announcement of increased dividends for 2026 by the end of February, along with expected improvements in market share and profit share for Q4; a target price of 24.5 HKD is set with a "Buy" rating [1] - For the long term, Galaxy Entertainment (00027) is maintained as a preferred choice due to its strong value and long-term growth potential, with the fourth phase development project expected to reflect in the stock price next year; a target price of 50 HKD is also set with a "Buy" rating [1] - The company continues to recommend avoiding Melco International Development (00200) and Austar International Holdings (00880), assigning "Reduce" and "Neutral" ratings respectively [1]

Group 1 - The bank is optimistic about Sands China (01928) in the short term, expecting the company to announce an increase in dividends for 2026 by the end of February, along with anticipated improvements in market share and profit share for Q4 [1] - The long-term preference remains for Galaxy Entertainment (00027) due to its strong value and growth potential, with a target price of HKD 50 and a rating of "Buy" [1] - The bank advises to avoid Melco International Development (00200) and SJM Holdings (00880), assigning "Reduce" and "Neutral" ratings respectively [1] Group 2 - According to Morgan Stanley, Macau's total gaming revenue for the first seven days of December reached MOP 5.2 billion, averaging about MOP 742 million per day, which is over a 5% increase from November and more than 25% year-on-year [2] - In an optimistic scenario, if the growth continues until the end of the month, Q4 gaming revenue could increase by 18% to 19% year-on-year and 8% to 9% quarter-on-quarter, reaching a six-year high, significantly above the bank's and market's expectations of 13% to 14% [2] - The bank notes that the current industry valuation is very low, with a 2026 EV/EBITDA ratio of 9 times, below the historical average of 13 times, estimating that a 1-time expansion in valuation could increase equity value by over 15% [2]

瑞银发布研报称，对澳门博彩业明年前景看法正面，预期需求将保持强韧，丰富的旅游产品、市场推广 增加及客户基础更多元化均将支持行业增长，特别看好高端需求，将今明两年澳门博彩总收入增长预测 由8%及5%，提升至9%及6%，并预期博彩营运商EBITDA可增长约1%及7%。瑞银预期明年濠赌股竞争 格局将维持稳定，当中高端博彩营运商份可持续取得市场份额，目前行业首选股为银河娱乐(00027)、 永利澳门(01128)及美高梅中国(02282)。 ...

瑞银发布研报称，对澳门博彩业明年前景看法正面，预期需求将保持强韧，丰富的旅游产品、市场推广 增加及客户基础更多元化均将支持行业增长，特别看好高端需求，将今明两年澳门博彩总收入增长预测 由8%及5%，提升至9%及6%，并预期博彩营运商EBITDA可增长约1%及7%。瑞银预期明年濠赌股竞争 格局将维持稳定，当中高端博彩营运商份可持续取得市场份额，目前行业首选股为银河娱乐(00027)、 永利澳门(01128)及美高梅中国(02282)。 ...

智通财经APP获悉，瑞银发布研报称，对澳门博彩业明年前景看法正面，预期需求将保持强韧，丰富的 旅游产品、市场推广增加及客户基础更多元化均将支持行业增长，特别看好高端需求，将今明两年澳门 博彩总收入增长预测由8%及5%，提升至9%及6%，并预期博彩营运商EBITDA可增长约1%及7%。瑞银 预期明年濠赌股竞争格局将维持稳定，当中高端博彩营运商份可持续取得市场份额，目前行业首选股为 银河娱乐(00027)、永利澳门(01128)及美高梅中国(02282)。 ...

Core Viewpoint - UBS has a positive outlook on the Macau gaming industry for the next year, expecting demand to remain robust due to a rich array of tourism products, increased market promotion, and a more diversified customer base [1] Group 1: Industry Growth Projections - The total gaming revenue growth forecast for Macau has been raised from 8% and 5% to 9% and 6% for the next two years [1] - EBITDA for gaming operators is expected to grow by approximately 1% and 7% in the coming years [1] Group 2: Competitive Landscape - The competitive landscape for gaming stocks in Macau is expected to remain stable next year, with high-end gaming operators likely to sustainably gain market share [1] - The preferred stocks in the industry currently include Galaxy Entertainment, Wynn Macau, and MGM China [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 銀河娛樂集團有限公司 | | | | 呈交日期: | 2025年12月4日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 銀河娛樂集團有限公司並無法定股本，及其股本並無股份面值。 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00027 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結 ...