智通财经网·2026-03-02 02:27Group 1 - The core viewpoint of the report is that the company maintains a "Buy" rating for Galaxy Entertainment (00027) and raises the target price by 4% to HKD 49 [1] - In Q4 of last year, the company's gaming revenue increased by 14% quarter-on-quarter, outperforming the industry growth rate of approximately 6%, and has recovered to about 97% of the 2019 level [1] - The estimated market share of the company in Q4 increased by 1.6 percentage points quarter-on-quarter to 21.8%, indicating strong performance in gaming revenue and market share growth [1] Group 2 - The adjusted normalized EBITDA margin decreased by 1.6 percentage points quarter-on-quarter, which was disappointing despite the strong revenue growth [1] - Data from this year's Lunar New Year holiday is encouraging, performing better than last year's Lunar New Year and the October Golden Week, with management expecting a good momentum to continue into March and the first quarter overall [1] - The company has committed to continuously reviewing its dividend policy and has raised its EBITDA forecasts for 2026 and 2027 by 1% each [1]