智通财经APP获悉，高盛发布研报称，维持银河娱乐(00027)"买入"评级，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。银 河娱乐26日公布截至去年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。 该信息由智通财经网提供 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，或像金沙中国(01928)般采用渐进式股息政策，因银河澳门第四期180亿港元的资 本开支余额，应能被其强劲的自由现金流和350亿港元的净现金储备充分覆盖。 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%。高盛又指，虽然集团已达成其中期博彩总收 益市场份额22%的目标，但鉴于第三期 ...

报告指，新地中期股息同比升3%至0.98港元，显示管理层对业务展望信心增强。全年维持派发基础净 利润40%至50%的股息政策。假设48%派息率，高盛预计新地全年总股息3.96港元，意味同比升6%。 智通财经APP获悉，高盛发布研报称，新鸿基地产(00016)去年12月底止2026财年上半年业绩符合预期， 并在分析师简报会上对香港物业业务前景表达更乐观态度。考虑到香港部分物业项目略高的发展利润 率，高盛将新地2027至2028财年的每股盈利预测上调2%至13%，并将目标价由159港元上调至164港 元，维持"买入"评级。 ...

周大福创建(00659)绩后跌超4%，截至发稿，跌3.73%，报8.77港元，成交额4429.69万港元。 消息面上，周大福创建公布截至全年12月底的中期业绩，股东应占溢利按年增长15%至13.343亿港元； 整体应占经营溢利按年上升3%至22.839亿港元。该集团继续维持可持续及渐进的股息政策。集团的中 期股息为每股0.28港元，按可比较基础计算，同比增加约3%。中期普通股息总额上升约6%至12.7亿港 元。 ...

Cmb.Tech (NYSE:CMBT) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAlexander Saverys - CEOChristophe Savi - SVP and Head of the NH3 divisionEnya Derkinderen - Brand ManagerFrode Mørkedal - Managing Director and Equity ResearchJoris Daman - Head of Investor Relations and ESGLudovic Saverys - CFOPetter Haugen - Head of Shipping ResearchConference Call ParticipantsClément Moulin - Sell-side AnalystNone - AnalystNone - AnalystAlexander SaverysGood afternoon, and welcome to the CMB.TECH ...

Yancoal Australia (SEHK:03668) H2 2025 Earnings call February 25, 2026 08:00 PM ET Company ParticipantsBrendan Fitzpatrick - Investor Relations ManagerDavid Bennett - EGM OperationsKevin Su - CFOMark Salem - EGM Marketing and LogisticsMike Wells - EGM FinancePeter Wong - Deputy Chairman and Chief Executive Asia-PacificSharif Burra - CEOConference Call ParticipantsPaul Young - Managing Director and Senior AnalystWayne Fung - Equity Research AnalystOperatorPlease be advised that today's conference is being re ...

经济观察网达登饭店预计2026财年销售增长区间为8.5%至9.3%，其中同店销售额预计增长3.5%至 4.3%，并计划新开设65至70家餐厅。资本支出预计在7.50亿至7.75亿美元之间，用于新餐厅建设、现有 餐厅改造和技术项目。 公司于2025年6月批准了一项无到期日的10亿美元股票回购计划，2025财年第四季度已回购110万股。股 息政策方面，2025财年支付每股3.00美元股息(高于上年的2.80美元)，未来派息计划需关注财报披露。 行业政策与环境 2025年餐饮行业面临客流减少与成本压力，但达登饭店通过提价和成本控制维持增长。投资者需关注消 费趋势变化对同店销售额的潜在影响。 以上内容基于公开资料整理，不构成投资建议。 战略推进 达登饭店正在为旗下Bahama Breeze品牌(拥有28家门店)探索战略选择，包括出售或转型。此外，公司持 续整合收购的Chuy's品牌，并评估新税法(如2025年7月颁布的H.R.1法案)对财务的潜在影响。 资金动向 ...

Core Viewpoint - Morgan Stanley reports that Budweiser APAC (01876) is expected to see a 25% year-on-year decline in EBITDA for Q4 2025, which is 12% lower than market consensus, with a 4% decrease in sales [1] Group 1: Financial Performance - Budweiser China is the main drag, with sales and EBITDA declining by 11% and 42% year-on-year, respectively, primarily due to increased promotional activities and significant deleveraging effects [1] - Budweiser Korea's sales and EBITDA for Q4 2025 are expected to decline by 1% and 6% year-on-year, respectively, outperforming industry growth, impacted by a one-time $49 million drag from a tax dispute with the Korean government [1] Group 2: Future Outlook - Positive factors include an improvement in sales momentum for Budweiser China starting Q4 2025, with plans to reignite growth in FY 2026 through increased investment in at-home consumption distribution capabilities [1] - The company forecasts a 3.4% and 5.4% year-on-year growth in sales and EBITDA for 2026, respectively [1] Group 3: Dividend Policy - Budweiser has announced a dividend of $750 million for FY 2025, with a payout ratio of 150% and a dividend yield of 5.7% [1] - The company is expected to maintain its current policy of either maintaining or increasing the annual dividend per share, suggesting a projected dividend yield of 5.7% based on a current 19x P/E ratio for 2026 [1]

Core Insights - The company reported significant improvements in cash flow, with free cash flow rising to $455 million in Q3 2025, reflecting operational efficiency [3] - Retail automotive business showed strong performance, with same-store sales increasing by 5% and high-end brands contributing 70% to retail revenue [4] - Commercial truck business faced challenges, negatively impacting profits by approximately $23 million due to a sluggish North American freight market [4] Financial Performance - Revenue for Q3 2025 reached $7.7 billion, a year-on-year increase of 1.38%, while net profit attributable to shareholders declined by 5.79% to $213 million, primarily due to pressures from the commercial truck segment and challenges in the UK market [2] - Free cash flow surged to $455 million, up from $40 million in the previous quarter, with operating cash flow at $534 million [3] - The company's leverage ratio decreased to 1.0x, with a reduction in debt and a decline in the debt-to-asset ratio from 67.62% to 66.56% [3] Operational Highlights - The retail automotive segment performed robustly, with service and parts revenue reaching a quarterly high of $818 million and gross margin improving by 110 basis points [4] - High-end brands such as Audi and Porsche significantly supported the profitability structure of the retail business [4] Capital Movements - The company has repurchased 1.0866 million shares, representing 1.6% of the outstanding shares, to boost market confidence [5] - A dividend of $1.38 per share was announced, yielding approximately 2.97% based on the closing price of $174.69 on February 12, 2026 [5] Stock Performance - The stock price reached a new high of $173.22 on February 11, 2026, with a single-day increase of 5.36%, and has risen 10.36% year-to-date as of February 12, 2026 [6]

Financial Data and Key Metrics Changes - For the fourth quarter, the company reported revenues of $176 million and an EBITDA-equivalent cash flow of $109 million, with a total EBITDA of $450 million over the past 12 months, indicating strong operational stability [3][14] - The net result for the quarter was a loss of approximately $4.7 million or $0.04 per share, impacted by non-recurring and non-cash items [16] Business Line Data and Key Metrics Changes - Charter revenue from the fleet was approximately $176 million, with the container fleet contributing around $81 million, the car carrier fleet generating approximately $26 million, and the tanker fleet generating about $42 million [14][15] - The overall utilization of the shipping fleet in Q4 was about 98.6%, with adjusted utilization at 99.8% [12] Market Data and Key Metrics Changes - The company noted a significant strengthening in the tanker market, with the Suezmax segment expected to benefit from high charter rates due to correlations with the VLCC market [8][25] - The market for secondhand vessels is currently strong, with broker reports indicating a modern Suezmax tanker could command rates in the high $40,000s to over $60,000 per day [36] Company Strategy and Development Direction - The company aims to build a diversified, high-quality fleet and has secured long-term agreements with strong counterparties, enhancing its charter backlog to approximately $3.7 billion [3][9] - The company is focused on investing in efficiency upgrades and exploring new long-term charter opportunities, particularly in the tanker market [4][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about securing new employment for the Hercules rig, citing recent industry consolidations and increasing demand for premium rigs [9][42] - The company remains disciplined in its approach to capital deployment, focusing on sustainable cash flows and long-term contracts [30][31] Other Important Information - The company declared its 88th consecutive dividend of $0.20 per share, representing a dividend yield of around 9% [9][17] - The company has a solid liquidity position with cash and cash equivalents totaling approximately $151 million and an additional $46 million available on credit facilities [16][17] Q&A Session Questions and Answers Question: How is the company thinking about the Suezmax vessels given the strong crude tanker spot market? - Management finds the Suezmax market interesting and is looking for long-term charters while also benefiting from the current spot market [20][25] Question: What is the outlook for the dividend over the next 12 months? - Management indicated that the board does not guide on dividends but emphasized the importance of sustainable cash flows and disciplined capital deployment [28][31] Question: What was the rate on the previous contract for the terminated charters? - The previous charter rates for the sold vessels were around $27,000 per day, and the company sold them for $57 million each [35][36] Question: What is the status of the Hercules rig? - The Hercules rig has been idle since November 2024, but management sees signs of improving market dynamics and potential employment opportunities [42] Question: What is the size of the new rig financing facility? - The new financing facility for the Hercules rig is expected to be in the amount of $100 million [48]

Financial Data and Key Metrics Changes - The company reported revenues of $176 million for the fourth quarter, with an EBITDA-equivalent cash flow of $109 million, and a total EBITDA of $450 million over the past 12 months, indicating strong operational stability [3][14] - The net result for the quarter was a loss of approximately $4.7 million or $0.04 per share, impacted by non-recurring and non-cash items [16] Business Line Data and Key Metrics Changes - Charter revenue from the fleet was approximately $176 million, with the container fleet contributing around $81 million, the car carrier fleet generating $26 million, and the tanker fleet producing $42 million [14][15] - The overall utilization of the shipping fleet was about 98.6%, with adjusted utilization at 99.8% when accounting for unscheduled technical off-hire [12] Market Data and Key Metrics Changes - The tanker market has seen unprecedented consolidation, with high charter rates expected to positively impact the Suezmax market [8] - The company noted a significant increase in the spot market rates, with the TD20 index rising by 20% in a short period [25] Company Strategy and Development Direction - The company aims to build a diversified, high-quality fleet and has secured long-term agreements with strong counterparties, enhancing its charter backlog to $3.7 billion [3][9] - The company is focused on investing in efficiency upgrades and exploring new long-term charter opportunities, particularly in the tanker market [4][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about securing new employment for the Hercules rig, citing recent industry developments that indicate rising demand for premium high-specification rigs [9][42] - The company remains disciplined in its approach to capital deployment, focusing on sustainable cash flows and long-term contracts [30][31] Other Important Information - The company declared its 88th consecutive dividend of $0.20 per share, representing a dividend yield of around 9% [9][17] - The company has a solid liquidity position with cash and cash equivalents totaling approximately $151 million and an additional $46 million available on credit facilities [16][17] Q&A Session Summary Question: Thoughts on Suezmax vessels and long-term contracts - Management finds the Suezmax market interesting and is optimistic about securing long-term charters, while also benefiting from the strong spot market [20][25] Question: Dividend sustainability and market opportunities - Management indicated that the board does not guide on dividends but emphasized the importance of long-term sustainable cash flows and the potential for over $100 million in dividends per year [27][31] Question: Updates on terminated charters and spot market fixtures - Management provided details on previous charter rates and current spot market conditions, highlighting strong cash flows from recent vessel sales [35][36] Question: Future growth in dry bulk and other segments - Management remains open to opportunities across all segments, including dry bulk, and emphasized the need for good risk-adjusted returns [39][40] Question: Status of the Hercules rig - The Hercules rig has been idle since November 2024, but management sees signs of improving market dynamics and potential employment opportunities [42] Question: Size of new rig financing facility - The new financing facility for the Hercules rig is expected to be around $100 million [48]