Ge Long Hui·2026-02-27 03:05Group 1 - The core viewpoint of the report indicates that Galaxy Entertainment's adjusted EBITDA for Q4 of FY2025 surged by 33% year-on-year to HKD 4.3 billion, exceeding both the firm's and market forecasts by 3% [1] - The final dividend increased by 60% to HKD 0.8 per share, with the annual payout ratio expanding by 1,100 basis points to 61% [1] - Despite a higher-than-usual win rate in the VIP gaming segment contributing HKD 731 million to EBITDA, competitive pressures have kept the adjusted profit margin stable at 27.2% [1] Group 2 - The firm anticipates that Galaxy Entertainment's capital expenditures will peak this year, allowing for sustainable expansion of the payout ratio [1] - The company is believed to maintain a competitive edge in the Macau market, effectively defending its market share [1] - The firm continues to expect further increases in dividends and maintains a "outperform" rating for the company, with a target price of HKD 49.5, viewing it as a preferred stock in the industry [1]