Ge Long Hui·2026-01-22 06:33Group 1 - The core viewpoint is that Galaxy Entertainment is expected to increase its market share in 2026, following a rise in net revenue and adjusted EBITDA in Q4 2025 [1] - In Q4 2025, Galaxy Entertainment recorded net revenue of HKD 12.2 billion, a year-on-year increase of 14%, with adjusted EBITDA also rising by 14% to HKD 3.3 billion [1] - The company anticipates a market share of approximately 20% for the full year of 2025, maintaining its position as the second-largest player in the industry [1] Group 2 - Macau's gaming revenue is projected to grow by 9.1% year-on-year to MOP 247.4 billion in 2025, with a significant increase of 13.8% in the second half of the year [2] - The upcoming longer Spring Festival holiday in 2026 is expected to boost travel demand from mainland citizens, benefiting Macau's tourism and gaming sectors [2] - Galaxy Entertainment is likely to attract more investor interest compared to competitors, due to increased brand fees and geopolitical considerations affecting peers [2] Group 3 - The current valuation of Galaxy Entertainment is at 10.6 times the 2026 EV/EBITDA, which is considered low compared to the pre-pandemic range of 10.0 to 14.0 times [3] - There is potential for further upward adjustment in valuation as the company's performance continues to improve [3]