Zhi Tong Cai Jing·2026-03-02 09:27Group 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 a low valuation equivalent to a 10x enterprise value multiple for the fiscal year 2026 [1] - Galaxy Entertainment reported a strong quarterly performance for the year ending December, 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 the 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 the fiscal years 2026 to 2027 by less than 1% [2] - Despite achieving a mid-term gaming revenue market share target of 22%, there is still room for growth due to ongoing projects like the Capella Hotel and the renovation of the StarWorld Hotel, along with the phased opening of the Galaxy Macau Phase 4 project starting next year [2]