智通财经网·2025-11-12 09:32Core Viewpoint - From 2023, Galaxy Entertainment's dividend payout ratio is expected to increase from 32% to 58% by mid-2025, while maintaining a prudent asset-liability management approach [1] Group 1: Dividend Policy - The bank assumes that the dividend payout ratio will stabilize at 60%, but if the company returns all recurring free cash flow to shareholders, the payout ratio could rise to at least 69% between 2025 and 2027 [1] Group 2: Financial Health - The company's cash position is robust enough to meet new investment demands and potential business shocks, with ample capital flexibility remaining [1] Group 3: Market Position - The bank maintains an "outperform" rating and a target price of HKD 50, listing the company as one of the top picks in the Macau gaming sector, as hosting major events helps the company secure stable market share revenue, with room for dividend increases [1]