Ge Long Hui·2026-02-27 06:45Core Viewpoint - UBS report indicates that Galaxy Entertainment's adjusted EBITDA for Q4 last year was approximately HKD 4.3 billion, representing a year-on-year increase of about 33% and a quarter-on-quarter increase of about 29% [1] Company Performance - After normalizing the net win rate, EBITDA was approximately HKD 3.6 billion, reflecting a year-on-year increase of 9% and a quarter-on-quarter increase of 7%, which met expectations [1] - Total gaming revenue from the mass market increased by approximately 6% quarter-on-quarter, outperforming the industry trend of being roughly flat, driven in part by an increase in the win rate at mass gaming tables [1] Dividend Announcement - Galaxy Entertainment announced a final dividend of HKD 0.8 per share, exceeding market expectations of HKD 0.65 per share, bringing the total annual dividend to HKD 1.5 per share, which corresponds to an annual payout ratio of approximately 61%, compared to 50% for 2024 [1] Target Price and Rating - UBS set a target price of HKD 46.9 for Galaxy Entertainment, with a rating of "Buy" [1]