智通财经网·2025-11-07 06:12Group 1 - Goldman Sachs has adjusted Galaxy Entertainment's EBITDA forecast for 2025 to 2027 by 1-2%, raising the target price from HKD 53.2 to HKD 53.7, while maintaining a "Buy" rating, indicating potential upside in Q4 EBITDA [1] - Galaxy Entertainment's Q3 EBITDA decreased by 6% quarter-on-quarter to HKD 3.3 billion, aligning with market expectations, impacted by various factors including reduced contributions from construction business and high VIP win rates [1] - The adjusted EBITDA increased by 7% year-on-year and 5% quarter-on-quarter, with a stable profit margin of 27.4%, as accelerated gaming volume offset additional costs [1] Group 2 - The group's gaming revenue market share in Q3 was stable at 20.3%, slightly down from 20.4% in the previous quarter, with management noting strong gaming revenue momentum continuing into November [1] - Capital expenditures for the period were only HKD 600 million, with a cumulative total of HKD 2.6 billion for the first three quarters, leading to a downward revision of the annual guidance from HKD 7 billion to HKD 3.5 billion [2] - The group hosted approximately 260 events in the first three quarters, resulting in a 41% year-on-year increase in visitor traffic to Galaxy Macau, and plans to assist in hosting the National Games and collaborate with UFC and Tencent Music for various events [2]