2026-02-27 04:25Group 1 - The investment rating for Galaxy Entertainment is maintained at OUTPERFORM with a target price of HKD 47.30 [2][6][17] - The company reported a net revenue of HKD 13.83 billion for Q4 2025, representing a year-on-year increase of 22.5% and a quarter-on-quarter increase of 13.7% [3][12][13] - Adjusted EBITDA reached HKD 4.3 billion, up 32.7% year-on-year, with an adjusted EBITDA margin of 31.1%, an increase of 2.4 percentage points year-on-year [3][5][15] Group 2 - The gaming revenue increased by nearly 30% year-on-year, significantly contributing to the overall growth of the company's earnings [4][13] - The company's market share improved to 21.8% in Q4 2025, up from 20.2% in Q3 2025 and 19.8% in Q4 2024 [5][16] - The forecast for net revenue for FY 2026 and 2027 is HKD 52.48 billion and HKD 56.71 billion, respectively, with expected growth rates of 6.6% and 8.1% [6][17]