智通财经网·2025-08-13 08:53Core Viewpoint - The report from Daiwa Capital Markets indicates that Galaxy Entertainment (00027) is expected to see a 7% quarter-on-quarter growth in normalized EBITDA for Q2 2025, with a slight increase in market share due to lower win rates [1] Group 1: Financial Performance - The company declared an interim dividend of HKD 0.7 per share, resulting in a payout ratio of 58%, with management expecting a sustainable payout ratio of around 60% [1] - Daiwa has raised its EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 4% respectively [1] - The target price for the stock has been increased by 5%, from HKD 43 to HKD 45, while maintaining a "buy" rating [1] Group 2: Market Position and Strategy - In Q2 2025, Galaxy Entertainment's mass market share is estimated to grow by 0.8 percentage points to 22%, which investors perceive as moderate growth [1] - The management acknowledges the current intense market competition but does not expect further deterioration this year [1] - The opening of the Capella Hotel is anticipated to enhance reinvestment efficiency, with positive impacts already observed during its trial operation period [1]