Ge Long Hui·2026-02-28 06:06Group 1 - The core viewpoint of the article highlights that Galaxy Entertainment reported strong quarterly performance, with EBITDA increasing by 29% quarter-on-quarter to HKD 4.3 billion, exceeding market consensus expectations [1] - The company declared a final dividend of HKD 0.8 per share, resulting in 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] - Management expressed intentions to maintain a dividend payout of at least 65% of profits in the future, indicating strong financial capacity to increase dividends [1] Group 2 - Goldman Sachs noted potential impacts on gaming and tourism demand due to the upcoming National People's Congress from March 4 to 11 [1] - The firm slightly adjusted Galaxy Entertainment's EBITDA forecast for the fiscal year 2026 to 2027, with changes of less than 1% [1] - The 12-month target price for the stock was revised down from HKD 54 to HKD 53.4, while maintaining a "Buy" rating, as the current valuation remains attractive at an enterprise value multiple of 10 times the fiscal year 2026 forecast [1]