智通财经网·2025-08-13 09:30Core Insights - Macquarie's report indicates that Galaxy Entertainment's Q2 net revenue increased by 10% year-on-year and 8% quarter-on-quarter, with gaming revenue rising by 16% year-on-year and 10% quarter-on-quarter, slightly below the firm's forecast by 1% [1] - Adjusted EBITDA grew by 12% year-on-year and 8% quarter-on-quarter, exceeding the firm's forecast by 2% [1] - The firm has adjusted its adjusted EBITDA forecasts for Galaxy Entertainment down by 0.1% and 0.5% for 2025 and 2026, respectively, while increasing the 2027 forecast by 0.6% [1] - The target price for the group has been raised by 4%, from HKD 53.6 to HKD 55.6, while maintaining an "outperform" rating [1] Dividend and Financial Health - Galaxy Entertainment declared an interim dividend of HKD 0.7, with a payout ratio of 58%, up from 50% in the same period last year, exceeding market expectations [1] - The firm believes that due to the group's strong free cash flow and net cash accumulation capabilities, it can maintain this payout ratio [1] - The expected payout ratio for the group this year is 60%, translating to a cash dividend yield of 3.5% [1]