瑞银维持银河娱乐“买入”评级 目标价43.9港元

Core Viewpoint - UBS research report indicates that Galaxy Entertainment's adjusted EBITDA for the second quarter increased by 12% year-on-year, reaching HKD 3.6 billion [1] Financial Performance - Adjusted EBITDA, excluding the impact of VIP room win rates, grew approximately 7% quarter-on-quarter, amounting to HKD 3.2 billion [1] - Daily operating expenses for Galaxy Entertainment increased by 2% quarter-on-quarter [1] - Reinvestment rate rose by 120 basis points, indicating an increase in promotional activities related to concerts and hotel openings during the second quarter [1] Dividend Announcement - Galaxy Entertainment announced an interim dividend of HKD 0.7 per share, exceeding market expectations, with a payout ratio of approximately 58% [1] Analyst Rating - UBS maintains a "Buy" rating for the company, with a target price set at HKD 43.9 [1]