Ge Long Hui·2025-11-06 05:29Core Viewpoint - Citigroup's report indicates that Galaxy Entertainment's Q3 performance met expectations, with net revenue increasing by 14% year-on-year and 1% quarter-on-quarter to HKD 12.163 billion [1] Financial Performance - Adjusted EBITDA grew by 14% year-on-year but declined by 6% quarter-on-quarter to HKD 3.341 billion, exceeding Citigroup's forecast by approximately 3% and aligning closely with market expectations [1] - The adjusted EBITDA margin decreased by 0.1 percentage points year-on-year and 2.2 percentage points quarter-on-quarter to 27.5%, outperforming Citigroup's prediction of 26.5% [1] Market Share - Citigroup estimates that Galaxy Entertainment's market share remained stable quarter-on-quarter at approximately 20.2% [1] Investment Rating - Citigroup maintains a "Buy" rating for Galaxy Entertainment, with a target price set at HKD 54 [1]