高盛发表研究报告指，银河娱乐公布截至去年12月底止全年业绩，其中末季业绩如高盛预期般强劲， EBITDA按季增长29%至43亿港元，符该行预期，并处于市场共识36亿至43亿港元之上限。而集团宣派 末期股息每股0.8港元，相当于2025下半年盈利派息比率为64%，较2025上半年的58%、2024财年的50% 进一步提高。管理层表示，有意今后派发至少65%的盈利。高盛认为，集团具备充足的财政能力进一步 提高股息。 高盛表示，注意到临近3月4日至11日举行的全国两会，博彩及旅游需求可能潜在受影响。业绩方面，高 盛微调了银娱2026至27财年的EBITDA预测，幅度少于1%，并将基于分类加总估值法，将12个月目标价 从54港元降至53.4港元。该股目前估值不高，相当于2026财年预测企业价值倍数10倍，维持"买入"评 级。 ...

Core Viewpoint - The company reported a strong performance in Q4 2025, with net revenue reaching HKD 138.3 billion, a year-on-year increase of 22.5%, and adjusted EBITDA of HKD 43.0 billion, up 32.7%, meeting market expectations [1] Group 1: Financial Performance - The company's net revenue for Q4 2025 was HKD 138.3 billion, reflecting a year-on-year growth of 22.5% and a quarter-on-quarter increase of 13.7% [1] - Adjusted EBITDA reached HKD 43.0 billion, with a profit margin of 31.1%, which is an increase of 2.4 percentage points year-on-year [3] - The contribution from gaming and non-gaming segments was HKD 113.6 billion and HKD 17.4 billion, respectively, with year-on-year changes of +28.4% and +3.8% [1] Group 2: Gaming Revenue Breakdown - The company's gross gaming revenue was HKD 139.5 billion, a year-on-year increase of 26.5%, surpassing the industry growth rate of 15% [2] - VIP gaming revenue saw a significant increase of 102.0% year-on-year, reaching HKD 31.1 billion, driven by higher win rates and betting amounts [2] - The actual net win rate for Q4 2025 was 5.14%, compared to 3.0% in Q4 2024, indicating a strong performance in the VIP segment [2] Group 3: Market Share and Future Projections - The company's market share in Q4 2025 was 21.8%, an increase from 20.2% in Q3 2025 and 19.8% in Q4 2024 [3] - Future projections estimate net revenue for 2026 and 2027 at HKD 52,483 million and HKD 56,712 million, respectively, with expected growth rates of 6.6% and 8.1% [4] - The company is projected to maintain an adjusted EBITDA margin of approximately 28.7% in 2026 and 29.1% in 2027 [4]

Core Viewpoint - Galaxy Entertainment's 4Q25 performance met expectations, with revenue of HKD 13.833 billion, a year-on-year increase of 22% and a quarter-on-quarter increase of 14%, recovering to 107% of 4Q19 levels [1] Financial Performance - Adjusted EBITDA for 4Q25 was HKD 4.296 billion, up 33% year-on-year and 29% quarter-on-quarter, recovering to 106% of 4Q19 levels, exceeding Visible Alpha's consensus estimate of HKD 3.984 billion but aligning closely with the company's forecast of HKD 4.221 billion [1] - The average daily fixed operating cost for 4Q25 was approximately HKD 3.7 million, benefiting from IT upgrades that improved cost control [1] Development Trends - Management emphasized that no trademark licensing fees will be paid as all trademarks and brand names belong to the company, ensuring aligned interests [1] - There has been an increase in customers from regions outside of China, attributed to the establishment of sales offices in Tokyo, Seoul, Bangkok, and Singapore [1] - Management hopes to obtain additional gaming tables for Phase Four, designed as a comprehensive resort with rich non-gaming projects, which is expected to complement Phase Three and boost the Galaxy International Convention Center and Galaxy Arena [1] Dividend and Investment Outlook - The company announced a final dividend of HKD 0.80 per share, with a payout ratio of 65% for 2H25, compared to 30% in 2019 [2] - The company aims to maintain its current reinvestment rate and is expected to benefit from strong post-holiday demand due to the extended 9-day Chinese New Year holiday in 2026 [2] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2026 and 2027, with the current stock price corresponding to 9 times the 2026 EV/adjusted EBITDA [2] - The target price is set at HKD 44.10, reflecting 11 times the 2026 EV/adjusted EBITDA, indicating a 6% upside potential from the current stock price [2]

经济观察网 里昂证券发布研究报告，预测澳门2026年2月博彩总收入将同比增长7.4%，略低于市场预 期。报告基于黄金周旅客数据及实地考察给出行业首选建议。 深圳太子湾美高梅酒店计划于2026年启幕，定位为沉浸式奢华体验项目，毗邻蛇口邮轮母港，旨在强化 粤港澳大湾区布局。该消息于2026年2月22日由文旅深圳报道，可能间接反映公司区域扩张战略。此 外，澳门大学于2026年2月27日公布的招聘讲座信息中提及美高梅参与校园招聘，显示公司人才储备活 动。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 美高梅中国(02282.HK)近一周股价承压，截至2026年2月27日最新收盘价为12.52港元，5日累计跌幅达 7.05%，区间振幅为9.50%。同期，美高梅(MGM.N)在美股表现相对强劲，最新收盘价为37.62美元，5 日累计上涨3.18%，2月26日单日涨幅达5.79%。港股博彩板块近期整体波动，需关注市场情绪变化。 近期事件 机构观点 里昂证券于2026年2月23日发布研究报告，预测澳门2026年2月博彩总收入将同比增长7.4%，略低于市 场预期中位数的10.5%。报告指出，澳门农历新年黄金周前五天 ...

证券研究报告 银河娱乐 (27 HK) 目标价(港币): 48.00 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 石狄 研究员 SAC No. S0570524090003 shidi@htsc.com 曾珺 研究员 zengjun@htsc.com +(86) 21 2897 2228 港股通 高净赢率带动 25Q4 GGR 增速跑赢行业 2026 年 2 月 27 日│中国香港 博彩 SFC No. BTM417 何翩翩 研究员 purdyho@htsc.com +(852) 3658 6000 杨耀* 联系人 SAC No. S0570124070059 yangyao@htsc.com 基本数据 收盘价 (港币 截至 2 月 26 日) 41.44 市值 (港币百万) 181,476 6 个月平均日成交额 (港币百万) 440.60 52 周价格范围 (港币) 24.30-44.22 股价走势图 资料来源：S&P (19) (3) 13 29 45 Feb-25 Jun-25 Oct-25 Feb-26 (%) 银河娱乐 恒生指数 经营预测指标与估值 | ...

CSIWM 个股点评 2026 年 2 月 27 日 银河娱乐 27 HK 香港旅游与酒店行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 业绩亮眼及贵宾厅胜率理想 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 27 日发布的题为《Stellar results & good VIP win rates》的报告，银河娱乐 2025 年四季度经调整 Ebitda 同比飙升 33%至 42.96 亿港元，较市场一致预 期高出 3%。其末期股息同比增长 60%至每股 0.80 港元，全年派息比率同比扩大 1,100 个基点至 61%。尽管贵宾厅 胜率高于正常水平带来 7.31 亿港元的 Ebitda 正面影响，但在竞争压力加剧背景下，其运气标准化利润率仍环比持稳 于 27.2%。中信里昂认为随着资本支出将于 2026 年见顶，派息比率上涨趋势料将持续。 2025 年四季度业绩概要 银河娱乐 2025 年四季度经调整 Ebitda 同比飙升 33%至 42.96 亿港元，较市场一致预期高出 3%。其中 ...

证券研究报告 银河娱乐 (27 HK) 港股通 高净赢率带动 25Q4 GGR 增速跑赢行业 2026 年 2 月 27 日│中国香港 博彩 目标价(港币): 48.00 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 石狄 研究员 SAC No. S0570524090003 shidi@htsc.com 曾珺 研究员 zengjun@htsc.com +(86) 21 2897 2228 SFC No. BTM417 何翩翩 研究员 purdyho@htsc.com +(852) 3658 6000 杨耀* 联系人 SAC No. S0570124070059 yangyao@htsc.com 基本数据 收盘价 (港币 截至 2 月 26 日) 41.44 市值 (港币百万) 181,476 6 个月平均日成交额 (港币百万) 440.60 52 周价格范围 (港币) 24.30-44.22 | 会计年度 (港币) | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入 (百 ...

2月27日，港股三大股指早盘小幅冲高后回落，随后全天维持震荡向上走势，截止收盘，恒生指数涨 0.95%报26630.54点，恒生科技指数涨0.56%报5137.84点，国企指数涨0.51%报8859.49点，红筹指数涨 0.63%报4439.65点。 盘面上，大型科技股走势分化，阿里巴巴跌0.07%，腾讯控股涨1.17%，京东集团涨0.38%，小米集团跌 0.8%，网易涨2.4%，美团涨0.87%，快手跌1.18%，哔哩哔哩-W涨1.37%；煤炭（核心股）股午后走 强，中国秦发涨超8%；生物医药（核心股）股活跃，药明合联涨超8%，昭衍新药涨6%，康希诺生物涨 7%，药明生物涨超3%；芯片股走弱，兆易创新跌超7%。光通信（核心股），钢铁、有色、稀土集体大 涨；长飞光纤光缆涨近10%，马鞍山钢铁涨6.6%，金力永磁涨6.7%，中国神华涨近6%。 企业动态：业绩亮眼，多领域成果丰硕 百度集团 - SW（09888.HK）发布了2025年第四季度及全年业绩，成绩斐然。第四季度总收入达327亿 元，环比增长5%，NON - GAAP净利润39亿元。智能云基础设施收入为58亿元，AI高性能计算设施收 入的订阅收入同比增长 ...

本文源自：金融界AI电报 摩根大通发表研报指，银河娱乐公布截至去年12月底止全年业绩，其中末季业绩胜于市场已提高的预 测，市场份额按季升160个基点至21.7%，利润按季扩张29%。末期股息每股0.8港元意味着2025财年派 息比率达61%，属稳健表现亦符摩通预期，但对于部分希望获得更高派息率的多头而言，对该派息略感 失望。该行维持银娱的"增持"评级，视其为首选股，目标价为52港元，并对该板块持"选择性"看法。 ...

Core Viewpoint - Morgan Stanley's report indicates that Galaxy Entertainment's full-year performance as of December 31 exceeded market expectations, with a quarterly market share increase of 160 basis points to 21.7% and a quarterly profit expansion of 29% [1] Financial Performance - The final quarter's earnings surpassed the market's revised forecasts, reflecting strong operational performance [1] - The final dividend of HKD 0.8 per share implies a payout ratio of 61% for the fiscal year 2025, which is considered robust and aligns with Morgan Stanley's expectations [1] - Some bullish investors expressed disappointment regarding the dividend, hoping for a higher payout ratio [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating on Galaxy Entertainment, viewing it as a preferred stock with a target price of HKD 52 [1] - The firm holds a "selective" outlook on the sector overall [1]