智通财经网·2026-02-27 06:58Core Viewpoint - UBS has set a target price of HKD 46.9 for Galaxy Entertainment (00027) and rated it as "Buy" [1] Financial Performance - Galaxy'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] - After normalizing the net win rate, EBITDA was approximately HKD 3.6 billion, showing a year-on-year growth of 9% and a quarter-on-quarter growth of 7%, which met expectations [1] - Total gaming revenue from the mass market increased by approximately 6% quarter-on-quarter, outperforming the industry trend which was roughly flat, partly driven 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 [1] - The total annual dividend reached HKD 1.5 per share, corresponding to an annual payout ratio of approximately 61%, compared to an expected payout ratio of 50% for 2024 [1]