23年第四季度业绩符合预期，派息比率有惊喜

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 56.08, which represents a 41.44% upside from the current price [1]. Core Insights - The company's Q4 2023 performance met expectations, with net revenue increasing by 254% year-on-year and 7% quarter-on-quarter to HKD 10.3 billion, recovering to 80% of the 2019 level [1]. - The VIP gaming table turnover rose by 408% year-on-year and 6% quarter-on-quarter, while mass gaming revenue increased by 398% year-on-year and 5.2% quarter-on-quarter [1]. - The adjusted EBITDA for the group increased by 1.4% quarter-on-quarter to HKD 2.8 billion, with an EBITDA margin of 27% [1]. - The company declared a special dividend of HKD 0.30 per share, resulting in an annual payout ratio of 32%, exceeding expectations [1]. - The company has a strong balance sheet with net cash of HKD 23.5 billion, the strongest in the industry [1]. Financial Performance Summary - Total net revenue for 2023 was HKD 35,683.6 million, a 211% increase from 2022 [3]. - EBITDA for 2023 was HKD 9,955 million, a significant recovery from a loss of HKD 553 million in 2022 [3]. - Net profit for 2023 was HKD 6,828 million, compared to a loss of HKD 3,433.5 million in 2022 [3]. - The company expects total net revenue to reach HKD 46,147 million in 2024, with a projected EBITDA of HKD 14,299.6 million [4]. Business Development and Future Projects - The company plans to launch a high-end hotel in the third phase of "Galaxy Macau™" by 2025, targeting high-end mass and VIP customers [1]. - The fourth phase of "Galaxy Macau™" is under construction and is expected to be completed by 2027, featuring multiple high-end hotel brands and various entertainment facilities [1]. - Capital expenditures for 2024 are estimated at HKD 61 billion, with HKD 51 billion allocated for the third and fourth phases of "Galaxy Macau™" [1]. - The company is expanding its overseas presence by establishing offices in Tokyo and Seoul, with plans for Bangkok [1].