智通财经网·2025-09-03 08:28Core Viewpoint - Morgan Stanley has updated its forecasts for Galaxy Entertainment (00027) based on the company's mid-term performance, increasing the dividend payout ratio from 50% to 60% for 2025 to 2027, resulting in a 19% increase in the predicted dividend per share [1] Financial Projections - EBITDA forecasts for Galaxy Entertainment for 2025 to 2027 have been reduced by 1% due to higher expected operating expenses [1] - Earnings per share forecasts have been adjusted from HKD 2.39, HKD 2.58, and HKD 2.73 to HKD 2.36, HKD 2.56, and HKD 2.72 for the respective years [1] - The target price for Galaxy Entertainment has been raised from HKD 40 to HKD 44 [1] Market Position and Risks - The opening of the Capella Hotel is expected to help Galaxy Entertainment increase its market share [1] - Morgan Stanley maintains a "market perform" rating but warns that if competitors resume dividends and the company's market share continues to weaken, some potential premium may reverse [1]