2023年四季报点评：业绩略低于预期，加码新物业以提升长期竞争力

Investment Rating - The report maintains a "Buy" rating for Galaxy Entertainment (0027.HK) [1] Core Views - The company's performance in Q4 2023 was slightly below expectations, with adjusted property EBITDA profit margins expected to recover to 2019 levels. The net revenue for Q4 2023 was HKD 10.32 billion, recovering to 79.5% of Q4 2019 levels, while adjusted property EBITDA was HKD 2.91 billion, recovering to 68.7% of the same period in 2019 [2][3] - The company is focusing on enhancing its long-term competitiveness through continuous renovations and new property developments, including the redesign of high-end gaming areas and the construction of new luxury hotel rooms [3] Financial Forecasts and Valuation - The report forecasts total revenue for 2023, 2024, and 2025 to be HKD 36.31 billion, HKD 43.70 billion, and HKD 47.81 billion respectively, with year-on-year growth rates of 216.5%, 20.3%, and 9.4% [2] - Adjusted property EBITDA is projected to be HKD 10.50 billion, HKD 13.83 billion, and HKD 15.82 billion for the same years [2] - The current stock price corresponds to EV/Adjusted Property EBITDA multiples of 17.34, 13.16, and 11.50 for 2023, 2024, and 2025 respectively, with a target price set at HKD 57.0 [3]