Group 1 - The core viewpoint of the article is that the Macau gaming industry experienced a 15% increase in gaming revenue, leading to an expected year-on-year EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - EBITDA margins and dividends are highlighted as key focus areas for investors ahead of earnings releases [1] - Galaxy Entertainment and MGM China are identified as the preferred stocks in the industry [1] Group 2 - The target price for Wynn Macau has been lowered from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5 [1] - Both companies continue to receive a "outperform" rating from the firm [1]

Core Viewpoint - Goldman Sachs reports an improvement in high-end luxury goods consumption in Hong Kong, Hainan, and other cities in China, which is expected to support the recovery of retail sales for Galaxy Entertainment (00027) with a projected adjusted EBITDA of HKD 3.6 billion for the last quarter, potentially exceeding this figure, maintaining a "Buy" rating with a target price of HKD 53.7 [1] Group 1 - Recent improvements in high-end luxury goods consumption in specific regions are noted, indicating a positive trend for the retail sector [1] - Galaxy Entertainment's management revealed an increase in market share during the fourth quarter, with an estimated quarterly rise of 1.4 percentage points to 21.8%, surpassing previous targets [1] - The increase in market share is believed to be partially driven by higher-than-normal VIP room win rates [1]

Core Viewpoint - Goldman Sachs reports an improvement in high-end luxury goods consumption in Hong Kong, Hainan, and other Chinese cities, which is expected to support Galaxy Entertainment's retail sales recovery and year-on-year growth [1] Group 1: Financial Performance - The adjusted EBITDA for Galaxy Entertainment is projected to reach HKD 3.6 billion for the last quarter, with actual performance potentially exceeding this estimate [1] - The target price for Galaxy Entertainment is set at HKD 53.7, maintaining a "Buy" rating [1] Group 2: Market Share and Management Insights - During a recent event, Galaxy Entertainment's management indicated that their market share increased in the fourth quarter, with an estimated quarterly rise of 1.4 percentage points to 21.8%, surpassing the previous target of approximately 21% by year-end [1] - The increase in market share is believed to be partially driven by higher-than-normal VIP room win rates [1]

Group 1 - The core viewpoint of the report indicates that Galaxy Entertainment's management revealed an increase in market share in the fourth quarter of last year, with Goldman Sachs estimating a quarterly rise of 1.4 percentage points to 21.8%, surpassing the previous target of approximately 21% by year-end [1] - The increase in market share is believed to be partially driven by higher-than-normal VIP room win rates, contributing to the overall performance of the company [1] - Recent improvements in high-end luxury goods consumption in Hong Kong, Hainan, and other cities are expected to support the recovery of Galaxy Entertainment's retail sales, which are projected to show year-on-year growth [1] Group 2 - The adjusted EBITDA for the last quarter is expected to reach HKD 3.6 billion, with actual performance potentially exceeding this estimate [1] - Goldman Sachs maintains a "Buy" rating for Galaxy Entertainment, with a target price set at HKD 53.7 [1]

Group 1 - The Hong Kong gaming stocks are experiencing a downturn, with notable declines in shares such as Melco International Development down nearly 4%, Sands China down 3%, and others like Wynn Macau and Amax Holdings down over 2% [1] - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue for December 2025 reached 20.89 billion MOP, representing a year-on-year increase of 14.8% [1] - Cumulative gross gaming revenue for the first 12 months of 2025 in Macau was 247.404 billion MOP, reflecting a year-on-year growth of 9.1% [1] Group 2 - Citigroup's research indicated that the December 2025 gaming revenue in Macau was 20.888 billion MOP, averaging approximately 674 million MOP per day, which is a 15% increase year-on-year and about 91% of the levels seen in December 2019 [1] - The reported figures were approximately 5% lower than Citigroup's forecast and about 3% below market expectations [1] - Some institutions noted that while the performance of the Macau gaming industry in Q4 2025 and for the entire year was strong, there has been a profound structural change, leading to a cautious outlook for growth in 2026 [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 銀河娛樂集團有限公司 | | | 呈交日期: | 2026年1月7日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 銀河娛樂集團有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00027 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,379,240,712 ...

该行在上市美博彩股中偏好永利度假村(WYNN.US)及拉斯维加斯金沙(LVS.US)，料两者增长跑赢美国 同业，部分基于新加坡及阿联酋的业务机会，以及持续受惠于澳门的正面因素，目前股价为EBITDA的 9至11倍并不令人生畏。在港上市股份方面则维持偏好银河娱乐(00027)及金沙中国(01928)，并指澳门博 彩股预测企业价值比率6至10倍具吸引力，亦预留了上望空间。 智通财经APP获悉，富瑞发布研报称，去年澳门博彩业表现，对澳门博彩股来说为相对正面因素，去年 9月博彩毛收同比升14.8%，推动全年博彩毛收同比升9.1%，大致符合该行及市场预期的8.9%及9.2%增 长。基于今年至5月面对低基数，以及澳门政府对博彩毛收低单位数增长预测属保守，该行认为澳门博 彩股今年处境有利。 ...

Group 1: Macau Gaming Industry Performance - Macau's gross gaming revenue increased by 15% year-on-year to 20.9 billion MOP, meeting the lower end of market expectations, influenced by lower VIP room win rates in the last one to two weeks [1] - For the full year, gross gaming revenue is expected to rise slightly above 9%, compared to market expectations of 7% to 8% [1] - The number of inbound travelers to Macau from mainland China increased by 22% year-on-year, driven by tensions in Sino-Japanese relations, with total inbound travelers growing by 18% in November [1] Group 2: Quarterly Performance and Market Share - The quarterly gross gaming revenue for the industry is projected to rise by 14% year-on-year to 66.1 billion MOP, accelerating from 1% to 13% growth in the first three quarters of the year, returning to 92% of pre-pandemic levels [1] - Galaxy Entertainment and Wynn Macau saw slight increases in market share last month, while Galaxy Entertainment, MGM China, and Sands China are expected to be market share winners in the fourth quarter [1] Group 3: MGM China's License Fee Increase - MGM China announced that its license fee will double to 3.5% of net revenue, with an annual cap raised to 18.83 million USD for this year [2] - This new agreement is expected to lead to a 6% to 7% downward adjustment in EBITDA forecasts for the next two fiscal years, and a 13% to 14% reduction in profit forecasts [2] - Consequently, the target price for MGM China has been lowered from 20.1 HKD to 18.4 HKD [2]

Group 1: Macau Gaming Industry Performance - Macau's gross gaming revenue (GGR) increased by 15% year-on-year to MOP 20.9 billion, slightly below market expectations [1] - For the full year, GGR is expected to rise by just over 9%, compared to market expectations of 7% to 8% [1] - The growth in inbound travelers from mainland China, particularly due to tensions in Sino-Japanese relations, contributed to an 18% year-on-year increase in visitor numbers in November [1] - The quarterly GGR for the industry rose by 14% year-on-year to MOP 66.1 billion, recovering to 92% of pre-pandemic levels [1] - Market share for Galaxy Entertainment and Wynn Macau slightly increased, while SJM Holdings, Wynn Macau, and Melco Resorts may lose market share [1] Group 2: MGM China Financial Adjustments - MGM China announced a significant increase in its licensing fee to 3.5% of net revenue, with an annual cap raised to USD 18.83 million [2] - This new agreement is expected to lead to a 6% to 7% downward adjustment in EBITDA forecasts for the next two fiscal years, and a 13% to 14% reduction in profit forecasts [2] - Consequently, the target price for MGM China was lowered from HKD 20.1 to HKD 18.4 [2]

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - Duty-free sales have shown exceptional performance, driving growth in the discretionary sector, while Hong Kong consumer stocks have experienced significant declines [4][11]. - The luxury goods sector has outperformed, with a weekly increase of 1.5%, while the retail sector also saw a rise of 1.1% [5][13]. - The report highlights that the overall sentiment in travel-related sectors remains high, contributing positively to the discretionary consumption outlook [3]. Weekly Performance Review - The weekly performance of various sectors is as follows: luxury goods > retail > overseas sportswear > overseas cosmetics > US hotels > domestic sportswear > credit cards > snacks > pets > domestic cosmetics > gold and jewelry > gaming, with respective weekly changes of 1.5%, 1.1%, 0.8%, -0.3%, -0.4%, -2.4%, -2.4%, -2.8%, -2.9%, -4.5%, -4.6%, and -5.6% [11][12]. - The retail sector's growth was significantly driven by China Duty Free, which saw a 7.6% increase due to strong sales during the New Year holiday [6][13]. Monthly and Year-to-Date Performance - Monthly performance shows retail leading with a 4.9% increase, followed by overseas sportswear and US hotels, while domestic cosmetics and gaming sectors faced declines [11]. - Year-to-date performance indicates that overseas cosmetics and US hotels have performed well, while domestic cosmetics and snacks have shown negative growth [12]. Valuation Analysis - The report notes that the valuation of various sectors remains below their average over the past five years, with expected PE ratios for 2025 indicating significant potential for growth [9][14]. - Specific sectors such as overseas sportswear are projected to have a PE of 31.2 times, which is 59% of the past five-year average, while domestic sportswear is at 13.3 times, 70% of the average [14][15].