里昂发布研报称，在所有澳门持牌博彩公司当中，银河娱乐(00027)拥有最稳健的现金储备，最有条件 运用财务杠杆，提升股东回报率(ROE)。潜在资金部署方式包但不限于投资区内机会及增加派息。无论 选择哪种方式，均有助提升资本效益，令ROE(透过财务杠杆)上升。该行维持银河娱乐"跑赢大市"评级 及目标价50.3港元。银娱是该行在澳门博彩股的两大首选之一，净现金相当于当前市值的17%。 随着资产负债表质素持续改善，该行指银娱资金部署弹性甚大，其2025年第二季净现金(303亿港元，即 39亿美元)占最新市值的17%。该行在早前中信里昂投资者论坛收到的投资者反馈显示，投资者普遍欢 迎增加派息(包括特别股息)，特别是业界均认同行业增长结构性放缓。该行预测期内银娱ROE(年化约 13%)将低于2017-2019年的18-22%年化水平。 根据杜邦(DuPont)(是一种分解股东权益报酬率(ROE)结构、解析企业获利能力的财务分析方法)分析， 这主要受较低资产周转率(澳门整体博彩收入仍未恢复至2019年水平)及较低财务杠杆(总资产/总股本)所 影响。资产周转率主要由行业收入决定，但银娱可透过增加派息(包括特别股息)提升RO ...

根据杜邦(DuPont)(是一种分解股东权益报酬率(ROE)结构、解析企业获利能力的财务分析方法)分析， 这主要受较低资产周转率(澳门整体博彩收入仍未恢复至2019年水平)及较低财务杠杆(总资产/总股本)所 影响。资产周转率主要由行业收入决定，但银娱可透过增加派息(包括特别股息)提升ROE。 另一方面，银娱亦需保留资金，以把握泰国娱乐综合体的投资机会。该行理解每个博彩牌照实体最低需 投资1,000亿泰铢(约31亿美元)，但现时法规时间及牌照招标进度尚未明确。该行维持原有投资逻辑，看 好银娱提升市占率的潜力，以及仍有空间提高派息比率。里昂料银娱2025年至2027年每股派息143.4港 仙、150.3港仙及163.4港仙，提供股息回报3.5厘、3.7厘及4厘，料其2025年至2027年ROE分别为 13.3%、13.2%及13.7%。 智通财经APP获悉，里昂发布研报称，在所有澳门持牌博彩公司当中，银河娱乐(00027)拥有最稳健的现 金储备，最有条件运用财务杠杆，提升股东回报率(ROE)。 潜在资金部署方式包但不限于投资区内机会 及增加派息。无论选择哪种方式，均有助提升资本效益，令ROE(透过财务杠杆)上升。 ...

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the A-share market and its earnings performance, particularly focusing on the financial sector and real estate industry Core Points and Arguments 1. The profit growth turning from negative to positive in Q1 2025 is attributed to a low base effect rather than internal improvements, as the A-share market has experienced a historically long period of negative profit growth [1][2] 2. The return on equity (ROE) has been on a downward trend, with the current down cycle lasting approximately 7 to 8 quarters, significantly longer than previous cycles, indicating structural pressures on operational capabilities [2][3] 3. The real estate sector has seen a continuous decline in leverage since 2020, with a 3% drop in financial leverage and about a 1% drop in non-financial real estate, which has directly suppressed ROE recovery [3][4] 4. The improvement in profit growth is primarily due to low accumulation effects, enhanced operational performance, and a temporary stabilization of profit data from the longest negative growth cycle [4][5] 5. The Q1 2025 gross profit margin increased by 0.05 percentage points, while net profit margin improved by 0.06 percentage points, driven by reduced operating costs and expenses [4][5] 6. The fixed asset investment in the financial real estate sector remains low, indicating weak corporate confidence and a lack of willingness to expand production [4][6] 7. The positive profit growth in Q1 2025 is not a true inflection point, as structural differentiation exists among industries, with the financial sector contributing 51.4% to the profit growth, followed by the non-ferrous metals sector at 33.4% [5][6] 8. The intrinsic profit growth for A-shares is expected to materialize no earlier than Q3 of the current year, based on the recovery of corporate balance sheets and the leading indicators of long-term loans [6][7] 9. The leading indicators suggest that the recovery of corporate balance sheets and the increase in long-term loans will positively influence industrial enterprise profits by the end of this year or early next year [7][8] 10. The top five performing sectors in Q1 2025 include agriculture, computer technology, steel, construction materials, and non-ferrous metals, with several sectors expected to maintain over 20% growth [8][9] Other Important but Possibly Overlooked Content 1. Investment strategies should focus on domestic certainty and expected growth amidst global geopolitical risks, with recommendations for sectors such as consumer goods, technology, and stable dividend stocks [9][10] 2. The discussion emphasizes the importance of avoiding excessive exposure to U.S. market risks, suggesting a cautious approach to investment in sectors with high volatility [9][10]

Investment Rating - The report maintains an "Outperform" rating for the banking industry [5] Core Viewpoints - The Zhejiang Rural Credit System has demonstrated significant reform and operational effectiveness, maintaining a strong focus on supporting agriculture and small enterprises, leading to a notable market presence in terms of deposits and loans [1][49] - The system's return on equity (ROE) consistently exceeds that of listed banks, indicating superior cyclical resilience despite a general decline in ROE across both sectors [2][50] - The growth in net profit for the Zhejiang Rural Credit System was 12.5% and 10.0% year-on-year for 2022 and 2023, respectively, driven primarily by rapid expansion and improved non-interest income [3][51] Summary by Sections Reform and Operational Effectiveness - The Zhejiang Rural Credit System has evolved since the establishment of the first rural credit cooperative in 1952, culminating in the formation of the Zhejiang Rural Commercial Bank in 2022, which serves as a model for national reform [1][49] - By the end of 2024, the system's total deposits and loans reached 4.78 trillion yuan and 3.78 trillion yuan, respectively, with market shares of 20.88% and 15.92% [20] Profitability Analysis - The high ROE of the Zhejiang Rural Credit System is attributed to a higher net interest margin compared to the industry, although this advantage has been narrowing due to increased competition from larger banks [2][50] - The system's non-interest income has improved, particularly from investment returns, which have helped offset the pressure from declining net interest margins [3][50] Growth Potential - The Zhejiang Rural Credit System has maintained a loan growth rate exceeding 15%, supported by a strong demand from small and micro enterprises in a robust regional economy [38] - The system's asset quality remains strong, with a non-performing loan ratio of 0.85% and a provision coverage ratio of 486.7% as of the end of 2024, indicating a solid risk management framework [20][47] Asset Quality - The system's non-performing loan ratio has remained low, benefiting from a favorable economic environment and effective risk management practices [44] - Despite a slight increase in non-performing loans due to economic pressures, the overall asset quality remains superior compared to national averages [44][47] Investment Recommendations - The report suggests a focus on high-dividend stocks in a low-interest-rate environment, recommending banks such as China Merchants Bank and Jiangsu Bank for long-term investment [53]