Core Viewpoint - From 2023, Galaxy Entertainment's dividend payout ratio is expected to increase from 32% to 58% by mid-2025, while maintaining a prudent asset-liability management approach [1] Group 1: Dividend Policy - The bank assumes that the dividend payout ratio will stabilize at 60%, but if the company returns all recurring free cash flow to shareholders, the payout ratio could rise to at least 69% between 2025 and 2027 [1] Group 2: Financial Health - The company's cash position is robust enough to meet new investment demands and potential business shocks, with ample capital flexibility remaining [1] Group 3: Market Position - The bank maintains an "outperform" rating and a target price of HKD 50, listing the company as one of the top picks in the Macau gaming sector, as hosting major events helps the company secure stable market share revenue, with room for dividend increases [1]

消息面上，澳门本月迎多项盛事，据报道，第72届澳门格兰披治大赛车将于明日起一连四天(11月13至 16日)举行，第十五届全国运动会及第二十五届澳门美食节同期举行，预计将吸引大量旅客。此外，瑞 银研报指出，根据其渠道查询，澳门11月首9天日均博彩毛收入(GGR)约7.11亿澳门元，与国庆黄金周后 日均博彩毛收入约7.15亿澳门元大致持平。这与11月初季节性较国庆黄金周后日均博彩毛收入增长约 1%的情况相符，反映出强劲的需求环境。 博彩股集体走高，截至发稿，新濠国际发展(00200)涨6.2%，报5.31港元；银河娱乐(00027)涨3.86%，报 42.48港元；美高梅中国(02282)涨3.16%，报16.64港元；永利澳门(01128)涨2.06%，报6.95港元。 ...

Group 1 - The core viewpoint of the news is that Galaxy Entertainment's Q3 2025 performance shows a year-on-year increase in net revenue and adjusted EBITDA, despite some quarterly declines due to various factors [1] - Galaxy Entertainment's net revenue for Q3 2025 reached HKD 12.2 billion, a 14% increase year-on-year and a 1% increase quarter-on-quarter [1] - Adjusted EBITDA for the group was HKD 3.3 billion, up 14% year-on-year but down 6% quarter-on-quarter, while the adjusted EBITDA for "Galaxy Macau™" was HKD 3.1 billion, reflecting a 20% year-on-year increase but an 8% quarterly decline [1] Group 2 - According to a report from Citi, the dividend payout ratio for Galaxy Entertainment is expected to rise from 32% in 2023 to 58% by the first half of 2025, with a stable assumption of 60% payout ratio [2] - The company has a strong cash position that can meet new investment demands and potential business impacts, maintaining flexibility in capital utilization [2] - Citi maintains a "Outperform" rating with a target price of HKD 50, highlighting that hosting major events will help the company secure stable market share revenue and that there is room for an increase in the dividend payout ratio [2]

Group 1 - The core viewpoint of the news is that Galaxy Entertainment has shown a positive performance in its Q3 2025 results, with a net revenue increase of 14% year-on-year and a slight increase of 1% quarter-on-quarter, despite some challenges faced during the quarter [1] - Galaxy Entertainment's adjusted EBITDA for Q3 2025 was HKD 33 billion, reflecting a 14% year-on-year increase but a 6% decrease quarter-on-quarter [1] - The adjusted EBITDA for "Galaxy Macau" reached HKD 31 billion, marking a 20% year-on-year increase, although it saw an 8% decline quarter-on-quarter [1] Group 2 - According to a report from Citi, the dividend payout ratio for Galaxy Entertainment is expected to rise from 32% in 2023 to 58% by the first half of 2025, maintaining a prudent approach to asset-liability management [2] - The report suggests that if the company returns all its recurring free cash flow to shareholders, the payout ratio could increase to at least 69% between 2025 and 2027 [2] - The company's cash position is robust enough to meet new investment demands and potential business impacts, with flexible capital utilization remaining ample [2]

Core Viewpoint - Galaxy Entertainment reported a net revenue of HKD 12.2 billion for Q3 2025, reflecting a year-on-year increase of 14% and a quarter-on-quarter increase of 1% [1] Group 1: Financial Performance - Adjusted EBITDA for the group was HKD 3.3 billion, up 14% year-on-year but down 6% quarter-on-quarter [1] - The adjusted EBITDA for "Galaxy Macau™" reached HKD 3.1 billion, marking a 20% year-on-year increase and an 8% quarter-on-quarter decline [1] - The net win rate normalized, leading to a 7% year-on-year and a 5% quarter-on-quarter increase in adjusted EBITDA [1] Group 2: Market Factors - The performance was impacted by several factors, including reduced contributions from the construction business, the impact of Typhoon Haikui in September, and a high VIP win rate [1] - Profit margins remained stable at 27.4%, as increased gaming volume offset additional costs [1] Group 3: Dividend Policy - From 2023, the dividend payout ratio increased from 32% to 58% by the first half of 2025, with a cautious approach to asset-liability management [2] - The company has the potential to increase the payout ratio to at least 69% between 2025 and 2027 if all recurring free cash flow is returned to shareholders [2] - The company's cash position is robust enough to meet new investment demands and potential business shocks, maintaining flexibility in capital utilization [2]

里昂发表研究报告指，自2023年起，银河娱乐的派息率由32%升至2025年上半年的58%，同时维持审慎 的资产负债管理方针。虽然该行假设派息率将稳定维持在60%水平，但如果公司将所有经常性自由现金 流反馈股东，派息率可于2025至27年间提高至最少69%。该行指，公司的现金状况稳健，足以应付新投 资需求以及潜在的业务冲击，资本运用灵活性依然充裕。 该行维持对其"跑赢大市"评级及目标价50港元，并续列为澳门博彩板块的首选之一，因举办盛事有助公 司争取稳健的市场份额收入，且派息率有提升空间。 ...

Core Viewpoint - UBS reports that the average daily gross gaming revenue (GGR) in Macau for the first nine days of November is approximately 711 million MOP, which is roughly in line with the average of 715 million MOP during the National Day Golden Week, indicating a strong demand environment [1] Industry Summary - The average daily GGR for the first nine days reflects a seasonal increase of about 1% compared to the post-National Day period, suggesting robust demand [1] - In terms of market segments, the average daily mass gaming revenue has decreased by approximately 7% to 9% compared to the previous month, while VIP betting amounts have declined by about 4% to 6% [1] - The VIP win rate is estimated to be between 3.2% and 3.5% [1] - Market consensus anticipates an average daily GGR of around 673 million MOP for November, implying that the remaining 21 days will average about 657 million MOP [1] - The current industry valuation is approximately 8.6 times the expected enterprise value to EBITDA (EV/EBITDA) for 2026, which is 0.7 standard deviations below the two-year average [1] Company Preferences - The industry’s preferred stocks include Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128) [1]

Group 1 - The core viewpoint of the article highlights a positive trend in the Hong Kong gaming stocks, with significant increases in share prices for major companies such as Melco International Development and Galaxy Entertainment, driven by encouraging data on Macau's gaming revenue [1] - Citigroup's research report indicates that Macau's gaming revenue for the first nine days of November is approximately 6.4 billion MOP, resulting in an average daily revenue of about 711 million MOP, which is seen as a positive sign given the transitional month between October's Golden Week and December's holidays [1] - The report conservatively maintains a forecast of 20.5 billion MOP for November's total gaming revenue, suggesting an expected average daily revenue of around 671 million MOP for the remaining days of the month [1] Group 2 - The Macau Statistics and Census Service reported that non-gaming consumption by tourists reached 20.38 billion MOP in Q3 2025, representing a year-on-year increase of 10.7%, with overnight and non-overnight visitors contributing to the growth [1] - Spending by overnight visitors totaled 16.76 billion MOP, up 7.6%, while spending by non-overnight visitors surged by 27.6% to 3.62 billion MOP [1]

Core Viewpoint - UBS report indicates that the average daily gross gaming revenue (GGR) in Macau for the first nine days of November is approximately 711 million MOP, which is roughly in line with the average of 715 million MOP during the National Day Golden Week, reflecting a strong demand environment [1] Industry Summary - The average daily GGR for November is expected to be around 673 million MOP, suggesting that the remaining 21 days of November will see an average daily GGR of approximately 657 million MOP [1] - The current industry valuation is at 8.6 times the expected enterprise value to EBITDA (EV/EBITDA) for 2026, which is 0.7 standard deviations below the two-year average [1] Company Preferences - The industry’s preferred companies are Galaxy Entertainment, MGM China, and Wynn Macau [1]

Core Viewpoint - Goldman Sachs has adjusted its EBITDA forecasts for Wynn Macau (01128) for 2025 to 2027, with a decrease of 4% to an increase of 1%, and has slightly lowered the target price from HKD 7.5 to HKD 7.4, maintaining a "Neutral" rating [1] Financial Performance - Wynn Macau's Q3 property EBITDA was USD 308 million, benefiting from an increase in VIP win rate to 4.26%, compared to 2.97% in the previous quarter [1] - If the VIP win rate is adjusted to the theoretical value of 3.4%, the property EBITDA would be USD 285 million, representing a quarter-on-quarter growth of 7% and a year-on-year growth of 9%, aligning with market expectations [1] - The market share of gaming revenue increased by 1.1 percentage points quarter-on-quarter to 13.1% [1] Management Outlook - The management of Wynn Macau remains optimistic about the prospects of the Macau gaming industry and the company's business, highlighting strong performance in the high-end market, which supported a double-digit year-on-year growth in gaming volume for October [1] - However, due to the low actual win rate in the mass market, the total gaming revenue growth for October may lag behind industry levels, with an estimated market share of approximately 12% for the month [1] Future Projections - Goldman Sachs assumes a market share of 12.6% for Wynn Macau, and anticipates additional costs due to more events being held at the end of the year, projecting Q4 property EBITDA to be USD 280 million and total property EBITDA for the year to be USD 1.1 billion [1] - The expected decline in market share for October and higher costs in Q4 are likely to limit EBITDA and stock price upside potential [1]