GALAXY ENT(00027) 东吴证券国际·2025-03-04 05:41Investment Rating - The investment rating for Galaxy Entertainment is "Buy" (maintained) [1] Core Views - The company's performance exceeded expectations, and there is optimism for continued growth in 2025, particularly in EBITDA profit margins [5] - The recovery in gaming revenue is attributed to non-gaming activities such as concerts, which have attracted high-net-worth clients [5] - The company is exploring upgrades for its hotel offerings to enhance revenue generation [5] Financial Projections - Total revenue is projected to grow from HKD 35,684 million in 2023 to HKD 53,525.8 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 6.3% [1][6] - Adjusted property EBITDA is expected to increase from HKD 9,955 million in 2023 to HKD 16,663.4 million in 2026, with a significant year-on-year growth of 34.5% in 2024 [1][6] - The earnings per share (EPS) is forecasted to rise from HKD 1.56 in 2023 to HKD 3.24 in 2026 [1][6] Market Position - The company achieved a total gaming revenue of HKD 110.3 billion in Q4 2024, recovering to 76.3% of the levels seen in Q4 2019 [5] - The market share for the company's mass gaming segment increased to 22.5%, while the overall gaming market share rose to 19.8% [5] - The company is expected to maintain stable operating costs, which will support profit margin recovery to pre-pandemic levels [5]