Zhi Tong Cai Jing·2026-02-27 06:17Core Viewpoint - Haitong International maintains an "outperform" rating for Galaxy Entertainment (00027), projecting net income for 2026-2027 at HKD 52,483 million and HKD 56,712 million, representing year-on-year growth of 6.6% and 8.1% respectively [1] Group 1: Financial Performance - In Q4 2025, the company achieved a net income of HKD 138.3 million, a year-on-year increase of 22.5% and a quarter-on-quarter increase of 13.7% [2] - Adjusted EBITDA reached HKD 4.3 billion, up 32.7% year-on-year, with an adjusted EBITDA margin of 31.1%, reflecting a 2.4 percentage point increase year-on-year [2][5] - The overall performance in Q4 2025 met market expectations [2] Group 2: Revenue Breakdown - The company's net income of HKD 138.3 million was driven by gaming and non-gaming segments, contributing HKD 113.6 million and HKD 17.4 million respectively, with year-on-year changes of +28.4% and +3.8% [3] - By property, net income from Galaxy Macau and StarWorld Macau was HKD 117.7 million and HKD 12.8 million respectively, with year-on-year changes of +28.8% and -1.1% [3] Group 3: Gaming Revenue Growth - Gaming gross revenue reached HKD 139.5 billion, a year-on-year increase of 26.5%, exceeding the industry growth rate of 15% [4] - VIP, mass market, and slot machine gross revenues were HKD 31.1 billion, HKD 100.1 billion, and HKD 8.3 billion respectively, with year-on-year changes of +102.0%, +15.0%, and +6.4% [4] Group 4: EBITDA and Profitability - The adjusted EBITDA of HKD 4.3 billion was driven by a high net win rate, with a year-on-year increase of 32.7% and a quarter-on-quarter increase of 28.6% [5] - The high net win rate in Q4 2025 contributed an additional HKD 731 million to adjusted EBITDA, with a normalized adjusted EBITDA of HKD 3.57 billion, reflecting a year-on-year increase of 9% [5] Group 5: Market Share - The company's market share in Q4 2025 was 21.8%, an increase of 1.6 percentage points from Q3 2025 and 2 percentage points from Q4 2024 [6]