智通财经网·2025-08-13 03:48Core Viewpoint - CICC has raised its adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 3% to HKD 14.524 billion and HKD 15.330 billion respectively, due to better-than-expected performance from the Capella hotel [1] Group 1: Financial Performance - Galaxy Entertainment reported 2Q25 net revenue of HKD 12.044 billion, a year-on-year increase of 10% and a quarter-on-quarter increase of 8%, recovering to 91% of the 2Q19 level [2] - Adjusted EBITDA for 2Q25 was HKD 3.569 billion, up 12% year-on-year and 8% quarter-on-quarter, reaching 82% of the 2Q19 level, aligning closely with market expectations of HKD 3.540 billion [2] Group 2: Management Insights - The company declared an interim dividend of HKD 0.70 per share, corresponding to a payout ratio of approximately 60%, and plans to maintain this payout ratio [3] - The high-end mass gaming segment continues to outperform the standard mass segment, driven by the opening of the Capella hotel, which has increased customer daily theoretical win and spending levels [3] - Management anticipates capital expenditures of HKD 7 billion for 2025, with HKD 3 billion spent in the first half of 2025, while maintaining daily operating costs at the same level as in 1Q25 despite the opening of the Capella hotel [3] - The company is focusing on transitioning the StarWorld Hotel towards mass gaming, emphasizing electronic gaming machines, with 100 out of 250 gaming tables relocated to the Galaxy Macau property [3] - Management expects the StarWorld Hotel to benefit from the retention demand of satellite casinos, which are set to close by the end of 2025 [3] - The company is interested in investing in a resort in Bangkok, Thailand, and will monitor potential changes in the external environment [3]