Zhi Tong Cai Jing·2025-11-12 09:35Core Viewpoint - From 2023, Galaxy Entertainment's dividend payout ratio is expected to increase from 32% to 58% by the first half of 2025, while maintaining a prudent approach to asset-liability management [1] Group 1: Dividend Policy - The assumption is that the dividend payout ratio will stabilize at around 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] - The company's cash position is robust enough to meet new investment demands and potential business shocks [1] Group 2: Capital Management - Capital utilization flexibility remains ample, allowing for strategic investments and shareholder returns [1] - The company is rated as "outperform" with a target price of HKD 50, positioning it as a preferred choice in the Macau gaming sector [1] Group 3: Market Position - Hosting major events is expected to help the company secure a stable market share revenue, indicating growth potential in the competitive landscape [1]