小摩：银河娱乐末季业绩胜预期，维持“增持”评级

Group 1 - The core viewpoint of the article is that Galaxy Entertainment's performance for the year ending December 2022 exceeded market expectations, particularly in the last quarter, where market share increased by 160 basis points to 21.7% and profits expanded by 29% quarter-on-quarter [1] - The final dividend of HKD 0.8 per share indicates a payout ratio of 61% for the fiscal year 2025, which is considered a solid performance and aligns with Morgan Stanley's expectations, although some bullish investors expressed disappointment over the relatively lower dividend rate [1] - Morgan Stanley maintains an "Overweight" rating on Galaxy Entertainment, viewing it as a preferred stock with a target price of HKD 52, while holding a "selective" outlook on the sector [1]