Group 1 - The core viewpoint of the reports indicates that Galaxy Entertainment (00027) has the strongest cash reserves among licensed gaming operators in Macau, allowing for effective financial leverage to enhance shareholder return on equity (ROE) [1] - The company has a net cash position of HKD 30.3 billion (approximately USD 3.9 billion), which represents 17% of its current market value, providing significant flexibility for capital deployment [1] - The report maintains a "Outperform" rating for Galaxy Entertainment with a target price of HKD 50.3, highlighting it as one of the top two picks in the Macau gaming sector [1] Group 2 - The DuPont analysis indicates that the lower asset turnover and financial leverage are impacting the ROE, as overall gaming revenue in Macau has not yet returned to 2019 levels [2] - The company is expected to increase dividends, including special dividends, to improve ROE, while also needing to retain funds for potential investment opportunities in Thailand [2] - Forecasted dividends per share for 2025 to 2027 are HKD 1.434, HKD 1.503, and HKD 1.634, yielding dividend returns of 3.5%, 3.7%, and 4% respectively, with projected ROE of 13.3%, 13.2%, and 13.7% for the same period [2]