Investment Rating - The investment rating for Costco is maintained at "Neutral" [1][3]. Core Views - Costco's revenue for FY25 Q2 increased by 9.1% year-on-year to $62.5 billion, with net profit rising by 2.6% to $1.79 billion, and diluted EPS also up by 2.6% to $4.02 per share [3]. - Membership income grew by 7.4% year-on-year, with a global renewal rate of 90.5% and a membership count of 78.4 million, of which 36.9 million are premium members [3]. - E-commerce comparable sales surged by 20.9% year-on-year, driven by a 13% increase in website traffic and a 10% rise in average order value [3]. - The company plans to open 18 new warehouse stores globally in FY2025, increasing the total to 915 stores by the end of the fiscal year [3]. - Potential tariff issues may pressure the company's cost structure, as approximately one-third of products sold in the U.S. are imported, with nearly half sourced from China, Mexico, and Canada [3]. - Revenue projections for FY2025-2027 are expected to grow by 5.60%, 6.75%, and 5.60% respectively, with net profit growth of 8.30%, 3.77%, and 13.32% [3][4]. Financial Summary - FY2024 projected revenue is $254.453 billion, with a year-on-year growth of 5.02% [1]. - FY2025 projected revenue is $268.702 billion, with a year-on-year growth of 5.60% [1]. - FY2026 projected revenue is $286.840 billion, with a year-on-year growth of 6.75% [1]. - FY2027 projected revenue is $302.903 billion, with a year-on-year growth of 5.60% [1]. - FY2024 projected net profit is $7.367 billion, with a year-on-year growth of 17.09% [1]. - FY2025 projected net profit is $7.978 billion, with a year-on-year growth of 8.30% [1]. - FY2026 projected net profit is $8.279 billion, with a year-on-year growth of 3.77% [1]. - FY2027 projected net profit is $9.382 billion, with a year-on-year growth of 13.32% [1].

Investment Rating - The investment rating for Costco is maintained at "Neutral" [1][3]. Core Insights - Costco's revenue for FY25 Q2 increased by 9.1% year-on-year to $62.5 billion, with net profit rising by 2.6% to $1.79 billion and diluted EPS also up by 2.6% to $4.02 per share [3]. - Membership revenue grew by 7.4% year-on-year, with a global renewal rate of 90.5% and a membership count of 78.4 million, of which 36.9 million are premium members [3]. - E-commerce comparable sales surged by 20.9% year-on-year, driven by a 13% increase in website traffic and a 10% rise in average transaction value [3]. - The company plans to open 18 new warehouse stores globally in FY2025, increasing its total to 915 stores by the end of the fiscal year [3]. - Potential tariff issues may pressure the company's cost structure, as approximately one-third of its products sold in the U.S. are imported, with nearly half sourced from China, Mexico, and Canada [3]. Financial Projections - Revenue projections for FY2025-2027 are $268.7 billion, $286.8 billion, and $302.9 billion, reflecting year-on-year growth rates of 5.60%, 6.75%, and 5.60% respectively [1][3]. - Net profit forecasts for the same period are $7.98 billion, $8.28 billion, and $9.38 billion, with growth rates of 8.30%, 3.77%, and 13.32% respectively [1][3]. - The projected P/E ratios for FY2025-2027 are 51.97, 50.08, and 44.20 [1][3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in Q4 2024 met expectations, with a net revenue of HKD 7.47 billion, recovering to 87.2% of Q4 2019 levels. The gaming and non-gaming net revenues were HKD 6.95 billion and HKD 0.52 billion, respectively, recovering to 83.0% and 285.0% of the same period in 2019 [6] - The adjusted EBITDA for Q4 2024 was HKD 0.99 billion, aligning closely with market expectations of HKD 1.02 billion, and recovering to 83.8% of Q4 2019 levels [6] - The company is focused on upgrading its properties, with a target market share of 5% for its flagship property, and has implemented several strategies to enhance operational efficiency and customer experience [6] - The company does not express concern over satellite casinos potentially ceasing operations, as it believes it can effectively utilize its own gaming tables and staff to maintain performance [6] - The revenue forecast for 2024-2026 is maintained at HKD 28.92 billion, HKD 31.41 billion, and HKD 33.52 billion, respectively, with adjusted property EBITDA forecasts of HKD 3.79 billion, HKD 4.71 billion, and HKD 5.43 billion [6] Financial Projections - Total revenue projections for 2023A, 2024E, 2025E, and 2026E are HKD 21,623.2 million, HKD 28,921.2 million, HKD 31,408.8 million, and HKD 33,521.4 million, respectively, with year-on-year growth rates of 223.8%, 33.8%, 8.6%, and 6.7% [6][7] - Adjusted property EBITDA for the same years is projected at HKD 1,928.0 million, HKD 3,786.5 million, HKD 4,712.1 million, and HKD 5,427.4 million, with growth rates of 96.4%, 24.4%, and 15.2% for 2024E, 2025E, and 2026E [6][7] - The diluted earnings per share are forecasted to be HKD -0.28, HKD 0.03, HKD 0.18, and HKD 0.31 for 2023A, 2024E, 2025E, and 2026E, respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company's performance in Q4 2024 was below expectations, with adjusted property EBITDA margin declining by 3.6 percentage points. The net revenue for Q4 2024 was $1.19 billion, aligning with market expectations, and the overall recovery to 76.5% of Q4 2019 levels [6] - The company anticipates a gradual decrease in average daily operating expenses to $3 million in 1H25, following a peak of $3.2 million in Q4 2024 due to increased promotional activities and employee compensation [6] - The company expects to maintain its market share and has seen a 17% year-on-year increase in property foot traffic during the Chinese New Year period [6] Financial Forecasts and Valuation - The company forecasts total revenue of HKD 36.62 billion for 2024, with a year-on-year growth of 24%. Adjusted property EBITDA is projected at HKD 9.47 billion, reflecting a 26.2% increase [1][7] - The current stock price corresponds to EV/Adjusted EBITDA multiples of 7.2, 6.0, and 5.5 for 2024, 2025, and 2026, respectively [6][7] - The target price is set at HKD 6.6, with net income forecasts of HKD 36.62 billion, HKD 40.24 billion, and HKD 42.52 billion for 2024, 2025, and 2026 [6][7]

Investment Rating - The investment rating for Galaxy Entertainment is "Buy" (maintained) [1] Core Views - The company's performance exceeded expectations, and there is optimism for continued growth in 2025, particularly in EBITDA profit margins [5] - The recovery in gaming revenue is attributed to non-gaming activities such as concerts, which have attracted high-net-worth clients [5] - The company is exploring upgrades for its hotel offerings to enhance revenue generation [5] Financial Projections - Total revenue is projected to grow from HKD 35,684 million in 2023 to HKD 53,525.8 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 6.3% [1][6] - Adjusted property EBITDA is expected to increase from HKD 9,955 million in 2023 to HKD 16,663.4 million in 2026, with a significant year-on-year growth of 34.5% in 2024 [1][6] - The earnings per share (EPS) is forecasted to rise from HKD 1.56 in 2023 to HKD 3.24 in 2026 [1][6] Market Position - The company achieved a total gaming revenue of HKD 110.3 billion in Q4 2024, recovering to 76.3% of the levels seen in Q4 2019 [5] - The market share for the company's mass gaming segment increased to 22.5%, while the overall gaming market share rose to 19.8% [5] - The company is expected to maintain stable operating costs, which will support profit margin recovery to pre-pandemic levels [5]

Investment Rating - The report maintains a "Buy" rating for Galaxy Entertainment [1] Core Views - The company's performance exceeded expectations, and there is optimism for continued EBITDA margin improvement in 2025 [5] - The recovery in gaming revenue is attributed to non-gaming activities, such as concerts, which have attracted high-net-worth clients [5] - The company is exploring upgrades for its hotel offerings to enhance revenue generation [5] Financial Projections - Total revenue is projected to grow from HKD 35,684 million in 2023 to HKD 53,525.8 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 6.3% [1][6] - Adjusted property EBITDA is expected to increase from HKD 9,955 million in 2023 to HKD 16,663.4 million in 2026, with a significant growth rate of 20.6% in 2025 [1][6] - The earnings per share (EPS) is forecasted to rise from HKD 1.56 in 2023 to HKD 3.24 in 2026 [1][6] Market Position - The company achieved a total gaming revenue of HKD 110.3 billion in Q4 2024, recovering to 76.3% of the Q4 2019 level [5] - The market share for the company's mass gaming segment increased to 22.5%, while total gaming revenue market share rose to 19.8% [5] - The company is expected to maintain stable operating costs, contributing to improved profit margins [5]

Investment Rating - The investment rating for the company is "Neutral" [5][7]. Core Insights - The company has demonstrated steady growth in performance, with global e-commerce continuing to gain momentum. For FY25 Q4, revenue increased by 4.1% year-on-year to $180.6 billion, with a gross margin improvement of 53 basis points to 23.9% [7]. - The company's revenue for FY2025 is projected to grow by 4.96% to $674.54 billion, with net profit increasing to $19.44 billion [7]. - The growth in e-commerce revenue was significant, rising by 16% to $117.3 billion, accounting for 17.4% of total revenue [7]. - The U.S. segment saw a revenue increase of 5.0% to $123.5 billion, with e-commerce growing by 20% and advertising revenue up by 24% [7]. - International revenue was slightly impacted by currency fluctuations, with a year-on-year decline of 0.7% to $32.2 billion, although e-commerce sales grew by 20% in the second half of the year [7]. - The company expects revenue growth of approximately 3.0%-4.0% for FY2026 and Q1 FY26, with adjusted EPS projected at $0.57-$0.58 [7]. Financial Summary - For FY2025, the company forecasts total revenue of $680,985 million, with a growth rate of 5.07% [5]. - The projected net profit for FY2025 is $19,436 million, reflecting a year-on-year growth of 19.05% [5]. - The company anticipates continued growth in net profit for FY2026 and beyond, with estimates of $21,039 million for FY2026 and $23,275 million for FY2027 [5][8]. - Key financial metrics include a projected P/E ratio of 39.17 for FY2025, decreasing to 29.33 by FY2028 [8].

Investment Rating - The investment rating for the company is "Neutral" [5] Core Insights - Walmart's performance shows steady growth, with global e-commerce continuing to gain momentum. In FY25 Q4, the company's revenue increased by 4.1% year-on-year to $180.6 billion, with a gross margin improvement of 53 basis points to 23.9% [7] - The company's revenue for FY2025 is projected to grow by 4.96% to $674.54 billion, with net profit increasing to $19.44 billion [7] - The growth in e-commerce revenue was 16%, contributing to 17.4% of total revenue, up from 15.6% in FY24 [7] - Walmart's U.S. operations saw a revenue increase of 5.0% to $123.5 billion, with e-commerce growing by 20% and advertising revenue up by 24% [7] - International revenue slightly declined by 0.7% to $32.2 billion due to currency fluctuations, but e-commerce sales grew by 20% in the second half of the year [7] - Sam's Club U.S. operations reported a revenue increase of 5.7% to $23.1 billion, with e-commerce growth of 24% [7] - For FY2026, the company expects revenue growth of approximately 3.0%-4.0% [7] - Earnings per share (EPS) for FY2026 is projected to be around $2.50-$2.60, with capital expenditures expected to be 3.0%-3.5% of revenue [7] Financial Projections - Revenue projections for FY2026, FY2027, and FY2028 are $708,224 million, $742,857 million, and $783,862 million, respectively, with year-on-year growth rates of 4.00%, 4.89%, and 5.52% [7][8] - Net profit projections for the same years are $21,039 million, $23,275 million, and $25,958 million, with growth rates of 8.25%, 10.63%, and 11.53% [7][8] - The price-to-earnings (P/E) ratios for FY2026, FY2027, and FY2028 are expected to be 36.19, 32.71, and 29.33, respectively [7][8]

Investment Rating - The report downgrades the investment rating of THK to "Neutral" [7] Core Views - The company's performance in Q4 2024 was below expectations, with a decline in orders on a sequential basis [7] - Revenue for 2024 is projected at 352.8 billion JPY, reflecting a year-on-year growth of 0.2% [7] - The company anticipates a brighter performance in Japan and China for 2025, with expected revenue growth of 3.0% [7] Financial Forecasts - For 2024, total revenue is expected to be 352.8 billion JPY, with a net profit of 10.4 billion JPY, indicating a significant year-on-year decline of 43.3% [7][8] - The earnings per share for 2024 is projected at 85.2 JPY, with a price-to-book ratio of 1.26 [7] - The company forecasts revenues of 376.9 billion JPY for 2025, with a net profit of 14.5 billion JPY, representing a recovery of 38.6% year-on-year [7][8] Order Trends - In Q4 2024, the company's orders for machine tools, general machinery, and semiconductor equipment decreased by 4.8%, 6.3%, and 1.4% respectively [7] - Regionally, orders in Japan, Europe, and the Americas saw declines, while Taiwan experienced a growth of 21.3% [7] Revenue and Profitability - The company achieved a revenue of 352.8 billion JPY in 2024, with an operating profit of 17.3 billion JPY, down 26.8% year-on-year [7][8] - The operating profit margin for 2024 is estimated at 4.9% [7] Future Outlook - The company projects a revenue of 363.5 billion JPY for 2025, with an operating profit of 23.5 billion JPY, indicating a growth of 35.5% [7] - The expected revenue breakdown for 2025 includes 1,158 billion JPY from Japan, 850 billion JPY from the Americas, 670 billion JPY from Europe, and 701 billion JPY from China [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance exceeded expectations, with non-gaming activities continuing to diversify [6] - The company achieved a total revenue of 9.3 billion USD in Q4 2024, recovering to 74.7% of the level seen in Q4 2019 [6] - The company is actively enhancing its market share through new initiatives and facilities to attract high-end customers [6] Financial Forecasts and Valuation - Total revenue projections for 2023A, 2024E, 2025E, and 2026E are 24,268.1 million HKD, 28,737.3 million HKD, 31,039.3 million HKD, and 32,661.4 million HKD respectively, with year-on-year growth rates of 330%, 18.4%, 8.0%, and 5.2% [1][7] - Adjusted property EBITDA forecasts for the same years are 7,467 million HKD, 8,995 million HKD, 9,587 million HKD, and 10,018 million HKD, with corresponding growth rates of 20.5%, 6.6%, and 4.5% [1][7] - The target price is set at 8.2 HKD, with the current stock price corresponding to 7.5x, 7.0x, and 6.7x EV/adjusted property EBITDA for 2024E, 2025E, and 2026E respectively [6][7] Operational Performance - The company reported a net gaming revenue of 7.7 billion USD and a non-gaming revenue of 1.6 billion USD in Q4 2024, with quarter-on-quarter growth of 7.1% and 2.8% respectively [6] - The adjusted property EBITDAR for Q4 2024 was 2.9 billion USD, exceeding Bloomberg consensus estimates by 6.2% [6] - The company’s profit margin improved, with an adjusted property EBITDAR margin of 31.6%, reflecting effective cost control measures [6]