花旗：银河娱乐上季业绩符预期 评级“买入”

Core Viewpoint - Citigroup has issued a "Buy" rating for Galaxy Entertainment (00027) with a target price of HKD 54, projecting a 22% year-on-year increase in net revenue to HKD 13.833 billion in Q4 2025 [1] Financial Performance - Adjusted EBITDA is expected to rise by 33% year-on-year (29% quarter-on-quarter) to HKD 4.296 billion, aligning closely with Citigroup's forecast of HKD 4.236 billion and exceeding market expectations by approximately 3% [1] - The market share is estimated to grow by about 1.6 percentage points quarter-on-quarter to approximately 21.8% in Q4 2025 [1] - Adjusted EBITDA margin is projected to expand by 2.4 percentage points year-on-year (3.6% quarter-on-quarter) to 31.1% [1] Gaming Revenue - VIP gaming revenue has increased by 102% year-on-year (52% quarter-on-quarter) to HKD 3.109 billion, benefiting from a 17% increase in gaming volume and a win rate of 5.14% [1] - Mass table gaming revenue has grown by 15% year-on-year (6% quarter-on-quarter) to HKD 10.011 billion, supported by a 10% increase in transaction volume and a win rate of 28.4% [1] Dividend Proposal - The board has proposed a final dividend of HKD 0.8 per share, with a total dividend of HKD 1.5 per share for the fiscal year 2025, resulting in a payout ratio of approximately 61% [1]