Core Viewpoint - UBS reports a slowdown in Macau's average daily gaming revenue, which is approximately 643 million MOP over the past week, down from 671 million MOP in the previous week, attributed to lower VIP room win rates [1] Group 1: Gaming Revenue Analysis - The average daily gaming revenue for the current month is about 678 million MOP, reflecting a month-on-month decline of approximately 13% but a year-on-year increase of about 10% [1] - Market forecasts suggest that the average daily gaming revenue for November is expected to be around 673 million MOP, indicating that the remaining seven days of this month may see an average daily revenue of approximately 656 million MOP [1] Group 2: Stock Recommendations - UBS identifies Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128) as preferred stocks in the gaming sector, all receiving a "Buy" rating [1]

Core Points - Galaxy Entertainment (00027) announced the issuance of 4.3447 million new shares on November 25, 2025, under the share award plan adopted on May 22, 2023 [1]

Core Points - Galaxy Entertainment announced the issuance of 4.3447 million new shares on November 25, 2025, as part of a share incentive plan adopted on May 22, 2023 [1] Company Summary - The new shares will be issued under the share incentive plan, indicating the company's strategy to motivate and retain employees through equity participation [1] - The issuance date is set for November 25, 2025, which suggests a long-term commitment to the incentive plan [1] - The total number of shares being issued is 4.3447 million, reflecting the scale of the incentive program [1]

Group 1 - Galaxy Entertainment announced the issuance of 4.3447 million shares on November 25, 2025, as part of a share incentive plan adopted on May 22, 2023 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 銀河娛樂集團有限公司 呈交日期： 2025年11月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) | 00027 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | | | 佔有關事件前的現有已發 ...

Core Viewpoint - UBS reports a slowdown in Macau's average daily gaming revenue, which is approximately 643 million MOP over the past week, down from 671 million MOP in the previous week, attributed to lower VIP room win rates [1] Summary by Category Gaming Revenue - Average daily gaming revenue in Macau for the current month is about 678 million MOP, reflecting a month-on-month decline of approximately 13% but a year-on-year increase of about 10% [1] - Market forecasts for November's average daily gaming revenue are around 673 million MOP, suggesting that the remaining seven days of this month may see an average daily revenue of approximately 656 million MOP [1] Stock Recommendations - UBS identifies Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128) as preferred gaming stocks, all rated as "Buy" [1]

Core Viewpoint - UBS reports a slowdown in Macau's daily gaming revenue, with an average of approximately 643 million MOP over the past week, down from 671 million MOP in the previous week, attributed partly to lower VIP room win rates [1] Group 1: Gaming Revenue Analysis - Daily gaming revenue for the current month is approximately 678 million MOP, reflecting a month-on-month decline of about 13% but an annual increase of around 10% [1] - Market forecasts suggest that daily gaming revenue for November will be around 673 million MOP, indicating that the remaining days of this month may average about 656 million MOP [1] Group 2: Stock Recommendations - UBS identifies Galaxy Entertainment, MGM China, and Wynn Macau as top picks in the gaming sector, assigning a "buy" rating to each [1]

Core Viewpoint - Morgan Stanley's report indicates that Macau's total gaming revenue for the first 23 days of this month reached MOP 15.6 billion, averaging MOP 678 million per day, showing a year-on-year growth of over 10% compared to November last year, suggesting potential upside to the bank's forecast of a 13% year-on-year growth for Macau gaming in Q4 this year [1][1][1] Group 1 - The average daily revenue for the past week decreased by 4% to MOP 642 million due to high base effects [1] - Morgan Stanley maintains a positive outlook on gaming stocks for next year, despite current stock prices being slightly lower [1] - In the short term (approximately 6 months), the company is optimistic about Sands China, expecting it to increase dividends when announcing earnings at the end of February next year and gain greater market share and profits in Q4 this year [1][1][1] Group 2 - In the long term (over 12 months), Galaxy Entertainment remains Morgan Stanley's top pick, citing its strong value and long-term growth potential, along with the optionality of its Phase 4 project expected to open in 2027, which may reflect in the stock price sometime next year [1][1][1]

Core Insights - The company reported a net revenue increase of 14.0% year-on-year and 1.0% quarter-on-quarter, reaching HKD 12.16 billion, recovering to 95.7% of the same period in 2019 [1] - VIP gaming table turnover increased by 46.28% year-on-year and 16.6% quarter-on-quarter, recovering to 39.7% of the same period in 2019 [1] - Adjusted EBITDA grew by 13.6% year-on-year but decreased by 6.4% quarter-on-quarter to HKD 3.34 billion, recovering to 81.3% of the same period in 2019 [1] Financial Performance - The net revenue for "Galaxy Macau" and StarWorld Hotel increased by 20% and decreased by 6% year-on-year, respectively, with quarter-on-quarter growth of 1% and 8%, reaching HKD 10.1 billion and HKD 1.3 billion [2] - Adjusted EBITDA for "Galaxy Macau" and StarWorld Hotel was HKD 3.07 billion and HKD 370 million, showing year-on-year growth of 20% and a decrease of 7%, respectively [2] - The EBITDA margin for "Galaxy Macau" and StarWorld Hotel was 30.4% and 29.2%, respectively [2] Development Projects - The majority of facilities for the new hotel brand, Capella Hotels and Resorts, have opened, with positive customer feedback; remaining facilities, including a specialty restaurant, are expected to open early next year [2] - The fourth phase of "Galaxy Macau" construction is ongoing, expected to be completed by 2027, covering approximately 600,000 square meters and introducing several high-end hotel brands [2] - Capital expenditure for the year is expected to be significantly lower than the previously budgeted HKD 7 billion, with HKD 630 million spent during the period [2] Market Trends - The company recorded good performance in October and post-Golden Week, with retail performance showing quarter-on-quarter improvement [3] - Approximately 260 entertainment, sports, arts, culture, and exhibition events were held from January to September 2025, leading to a 41% year-on-year increase in foot traffic to "Galaxy Macau" [3] - The market share remained stable at around 19.6%, with short-term expectations to maintain above 20% [3] Investment Outlook - The company maintains a buy rating with a target price of HKD 50.06, equivalent to 13 times the 2026 EV/EBITDA [3] - Confidence in the company's long-term development is supported by strong product offerings, a solid balance sheet, and upcoming projects [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 50.06, representing a potential upside of 30.36% from the current stock price of HKD 38.40 [3]. Core Insights - The company's Q3 2025 performance met expectations, with net revenue increasing by 14.0% year-on-year and 1.0% quarter-on-quarter, reaching HKD 12.16 billion, recovering to 95.7% of the same period in 2019 [3]. - The VIP gaming table turnover increased by 46.28% year-on-year and 16.6% quarter-on-quarter, while mass gaming revenue grew by 12.8% year-on-year and 7.4% quarter-on-quarter [3]. - The adjusted EBITDA for the group grew by 13.6% year-on-year but decreased by 6.4% quarter-on-quarter to HKD 3.34 billion, recovering to 81.3% of the same period in 2019 [3]. - The company holds a strong balance sheet with net cash of HKD 34.8 billion, the strongest in the industry [3]. Financial Summary - Total net revenue is projected to grow from HKD 35,683.6 million in 2023 to HKD 55,764.5 million by 2027, reflecting a compound annual growth rate (CAGR) of 8.5% [2][4]. - EBITDA is expected to increase from HKD 9,955.0 million in 2023 to HKD 16,439.8 million in 2027, with an EBITDA margin improving from 27.9% to 29.5% over the same period [2][4]. - Net profit is forecasted to rise from HKD 6,828.0 million in 2023 to HKD 12,317.4 million in 2027, indicating a CAGR of 9.6% [2][4]. - The company plans to maintain a dividend payout, with dividends per share expected to increase from HKD 0.5 in 2023 to HKD 1.6 in 2027, resulting in a dividend yield of 4.3% by 2027 [2][4]. Operational Highlights - The performance of "Galaxy Macau™" and the StarWorld Hotel showed a net revenue increase of 20% and a decrease of 6% year-on-year, respectively, with hotel occupancy rates at 98% and 99% [3]. - The company is progressing with the construction of the fourth phase of "Galaxy Macau™," expected to be completed in 2027, which will introduce several high-end hotel brands and a theater with 5,000 seats [3]. - The company hosted approximately 260 entertainment, sports, arts, and cultural events from January to September 2025, leading to a 41% year-on-year increase in visitor traffic to "Galaxy Macau™" [3].