大华继显：降银河娱乐目标价至47港元 维持“买入”评级

Core Viewpoint - Galaxy Entertainment (00027) reported a 5% quarter-over-quarter growth in normalized adjusted EBITDA for Q3 2025, despite a reduction of 140 million due to Typhoon Haikui [1] Group 1: Financial Performance - The company achieved impressive results in October, supported by strong customer traffic and exceptionally high win rates at VIP gaming tables [1] - The positive momentum is expected to continue into November [1] Group 2: Future Outlook - Management anticipates that Q4 2025 performance will slightly exceed typical seasonal fluctuations, primarily benefiting from high-end mass market and VIP room operations [1] - The target price has been adjusted from HKD 49 to HKD 47 while maintaining a "Buy" rating [1]