大行评级丨大华继显：下调银河娱乐目标价至47港元 维持“买入”评级

Core Viewpoint - Galaxy Entertainment's Q3 adjusted EBITDA increased by 5% quarter-on-quarter, despite a reduction of HKD 140 million due to Typhoon Haikui [1] Group 1: Financial Performance - The company reported strong performance in October, driven by robust customer traffic and exceptionally high win rates at VIP gaming tables [1] - The momentum from October is expected to continue into November [1] Group 2: Future Outlook - Management anticipates that Q4 2025 performance will slightly exceed typical seasonal fluctuations, primarily supported by high-end mass market and VIP room business [1] - The target price has been adjusted from HKD 49 to HKD 47, while maintaining a "Buy" rating [1]