智通财经网·2026-02-27 06:04Core Viewpoint - Goldman Sachs has maintained a "Buy" rating for Galaxy Entertainment (00027) following the company's strong performance in its latest quarterly results, with EBITDA increasing by 29% quarter-on-quarter to HKD 4.3 billion, exceeding market consensus [1] Financial Performance - Galaxy Entertainment reported a final dividend of HKD 0.8 per share, representing a payout ratio of 64% for the second half of 2025, an increase from 58% in the first half of 2025 and 50% for the fiscal year 2024 [1] - The company has a strong financial position with a net cash reserve of HKD 35 billion, which supports its ability to increase dividends further [1] Future Outlook - Despite achieving a market share target of 22% for mid-term gaming revenue, there is potential for further growth due to ongoing projects such as the third phase (e.g., the Capella Hotel) and renovations at the StarWorld Hotel, along with the phased opening of the fourth phase project at Galaxy Macau starting next year [2] - The stock is currently undervalued, with an enterprise value multiple of 10 times the projected fiscal year 2026 earnings [2] Adjustments and Predictions - Goldman Sachs has made minor adjustments to Galaxy Entertainment's EBITDA forecasts for the fiscal years 2026 to 2027, with changes of less than 1% [1] - The 12-month target price has been slightly reduced from HKD 54 to HKD 53.4 based on a sum-of-the-parts valuation method [1]