Zhi Tong Cai Jing·2025-11-12 04:23Group 1 - The core viewpoint of the news is that Galaxy Entertainment has shown a positive performance in its Q3 2025 results, with a net revenue increase of 14% year-on-year and a slight increase of 1% quarter-on-quarter, despite some challenges faced during the quarter [1] - Galaxy Entertainment's adjusted EBITDA for Q3 2025 was HKD 33 billion, reflecting a 14% year-on-year increase but a 6% decrease quarter-on-quarter [1] - The adjusted EBITDA for "Galaxy Macau" reached HKD 31 billion, marking a 20% year-on-year increase, although it saw an 8% decline quarter-on-quarter [1] Group 2 - According to a report from Citi, the dividend payout ratio for Galaxy Entertainment is expected to rise from 32% in 2023 to 58% by the first half of 2025, maintaining a prudent approach to asset-liability management [2] - The report suggests that if the company returns all its recurring free cash flow to shareholders, the payout ratio could increase to at least 69% between 2025 and 2027 [2] - The company's cash position is robust enough to meet new investment demands and potential business impacts, with flexible capital utilization remaining ample [2]