Zhi Tong Cai Jing·2026-03-02 09:23Group 1 - Goldman Sachs maintains a "Buy" rating for Galaxy Entertainment (00027) and adjusts the 12-month target price from HKD 54 to HKD 53.4, indicating the stock is currently undervalued with an enterprise value multiple of 10 times the forecast for fiscal year 2026 [1] - Galaxy Entertainment reported a strong quarterly performance with EBITDA increasing by 29% quarter-on-quarter to HKD 4.3 billion, exceeding market consensus of HKD 3.6 billion to HKD 4.3 billion [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 fiscal year 2024 [1] Group 2 - Goldman Sachs notes potential impacts on gaming and tourism demand due to the upcoming National People's Congress from March 4 to 11 [2] - The firm slightly adjusted Galaxy Entertainment's EBITDA forecast for fiscal year 2026 to 2027 by less than 1% [2] - Despite achieving a market share target of 22% for total gaming revenue, there is still room for growth due to ongoing projects like the Capella Hotel and the phased opening of Galaxy Macau's fourth phase starting next year [2]