智通财经网·2026-03-02 07:56Core Viewpoint - Morgan Stanley reported that Galaxy Entertainment (00027) announced its full-year results for the year ending December 31, which exceeded market expectations for the last quarter, with a market share increase of 160 basis points to 21.7% and a quarterly profit growth of 29% [1] Group 1: Financial Performance - The final quarter's performance surpassed the market's raised forecasts [1] - The final dividend of HKD 0.8 per share indicates a payout ratio of 61% for the fiscal year 2025, reflecting a solid performance in line with Morgan Stanley's expectations [1] - The total dividend for fiscal year 2025 amounts to HKD 1.5 per share, which may disappoint some bullish investors expecting a higher increase [1] Group 2: Market Sentiment - Morgan Stanley maintains an "Overweight" rating on Galaxy Entertainment, considering it a preferred stock with a target price of HKD 52, while holding a "selective" view on the sector [1] - There were no particularly negative factors identified in the performance report, although some investors had anticipated a larger increase in dividends [1] - Future dividend increases are expected, with potential positive news anticipated during the announcement of the mid-year results for fiscal year 2026 in August [1]