Core Viewpoint - Galaxy Entertainment's Q3 adjusted EBITDA increased by 5% quarter-on-quarter, despite a reduction of HKD 140 million due to Typhoon Haikui [1] Group 1: Financial Performance - The company reported strong performance in October, driven by robust customer traffic and exceptionally high win rates at VIP gaming tables [1] - The momentum from October is expected to continue into November [1] Group 2: Future Outlook - Management anticipates that Q4 2025 performance will slightly exceed typical seasonal fluctuations, primarily supported by high-end mass market and VIP room business [1] - The target price has been adjusted from HKD 49 to HKD 47, while maintaining a "Buy" rating [1]

基于第三季业绩，该行微调2025至27年EBITDA预测1-2%，目标价由53.2港元微升至53.7港元，重申"买 入"评级，并认为第四季EBITDA有潜在上行空间。 高盛发表研究报告指，银河娱乐第三季EBITDA按季跌6%至33亿港元，符合市场及该行预期。业绩受到 不同因素拖累，包括建材业务贡献减少、9月份台风桦加沙吹袭澳门，以及VIP赢率偏高。净赢率正常 化后，经调整EBITDA则按年升7%，按季升5%；利润率维持稳定于27.4%，因博彩量增长加速足以抵销 额外成本。 ...

里昂发表研究报告指，银河娱乐第三季经调整EBITDA按年增14%至33亿港元，高于预期4%。该行认 为，银娱仍有获得收入市场占有率的优势，其第三季净现金达45亿美元，亦进一步强化财力。该行仍然 相信，未来12个月公司或会提高其股息支付比率，维持"跑赢大市"评级及目标价50.5港元，续列为澳门 两大首选股之一。 ...

Core Viewpoint - New World Development (00200) shares rose over 3%, reaching HKD 5, following the announcement of improved operational results from its subsidiary, Melco Resorts & Entertainment, for Q3 2025 [1] Financial Performance - Melco Resorts & Entertainment reported total operational revenue of USD 1.31 billion for Q3 2025, representing an approximate 11% year-on-year increase [1] - The net income attributable to Melco Resorts was USD 74.7 million, showing a significant year-on-year growth of 174% [1] - Earnings per American Depositary Share (ADS) were USD 0.19 [1]

Core Insights - Galaxy Entertainment reported a total gaming revenue of HKD 12.2 billion for Q3 2025, representing a year-on-year increase of 21% and a quarter-on-quarter increase of 2% [1] - The group's net revenue for Q3 2025 was HKD 12.2 billion, up 14% year-on-year and 1% quarter-on-quarter [1] - Mass gaming revenue totaled HKD 9.5 billion, reflecting a 13% year-on-year increase and a 7% quarter-on-quarter increase [1] - VIP gaming revenue reached HKD 2 billion, showing a significant year-on-year increase of 86%, but a quarter-on-quarter decline of 15% [1] - Slot machine gaming revenue amounted to HKD 738 million, with an 11% year-on-year increase and a 6% quarter-on-quarter decline [1] Financial Performance - The main revenue and profit contributor for the group was "Galaxy Macau™," which generated net revenue of HKD 10.1 billion in Q3 2025, up 20% year-on-year and 1% quarter-on-quarter [1] - Adjusted EBITDA for Q3 2025 was HKD 3.1 billion, reflecting a 20% year-on-year increase but an 8% quarter-on-quarter decline [1] - The high win rate in the "Galaxy Macau™" gaming business contributed an additional HKD 18 million to adjusted EBITDA [1] - After normalizing the win rate, adjusted EBITDA was HKD 3.1 billion, representing an 11% year-on-year increase and a 5% quarter-on-quarter increase [1]

Core Viewpoint - Melco International Development Limited's subsidiary, Melco Resorts & Entertainment Limited, reported a total operating revenue of $1.31 billion for Q3 2025, reflecting an approximate 11% year-on-year increase, driven by improved performance in both gaming and non-gaming operations [1] Financial Performance - Total operating revenue for Melco Resorts & Entertainment Limited reached $1.31 billion, marking an 11% increase compared to the previous year [1] - The net income attributable to Melco Resorts was $74.7 million, representing a significant year-on-year growth of 174% [1] - Earnings per American Depositary Share (ADS) stood at $0.19 [1]

Core Insights - Melco International Development Limited (00200) announced that its subsidiary, Melco Resorts & Entertainment Limited, reported total operating revenue of $1.31 billion for Q3 2025, representing an approximate 11% year-over-year increase [1] - The increase in total operating revenue is primarily attributed to improved performance in both gaming and non-gaming operations [1] - Melco Resorts' net income attributable to the company was $74.7 million, reflecting a significant year-over-year growth of 174%, with earnings per American Depositary Share at $0.19 [1]

Core Viewpoint - Citigroup's report indicates that Galaxy Entertainment's Q3 performance met expectations, with net revenue increasing by 14% year-on-year and 1% quarter-on-quarter to HKD 12.163 billion [1] Financial Performance - Adjusted EBITDA grew by 14% year-on-year but declined by 6% quarter-on-quarter to HKD 3.341 billion, exceeding Citigroup's forecast by approximately 3% and aligning closely with market expectations [1] - The adjusted EBITDA margin decreased by 0.1 percentage points year-on-year and 2.2 percentage points quarter-on-quarter to 27.5%, outperforming Citigroup's prediction of 26.5% [1] Market Share - Citigroup estimates that Galaxy Entertainment's market share remained stable quarter-on-quarter at approximately 20.2% [1] Investment Rating - Citigroup maintains a "Buy" rating for Galaxy Entertainment, with a target price set at HKD 54 [1]

Core Viewpoint - Galaxy Entertainment Group reported a net revenue of HKD 12.2 billion for Q3 2025, representing a 14% year-on-year increase and a 1% quarter-on-quarter increase [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] - Adjusted EBITDA for "Galaxy Macau™" reached HKD 3.1 billion, marking a 20% year-on-year increase and an 8% quarter-on-quarter decrease [1] - Adjusted EBITDA for the Galaxy StarWorld Hotel was HKD 369 million, down 7% year-on-year but up 22% quarter-on-quarter [1] - Adjusted EBITDA for "Broadway Macau™" was HKD 1 million, compared to HKD 11 million in Q3 2024 and HKD 4 million in Q2 2025 [1] - Over the past twelve months, the group's adjusted EBITDA totaled HKD 13.4 billion, reflecting a 14% year-on-year increase and a 3% quarter-on-quarter increase [1] Gaming Operations - In Q3 2025, the gaming business's net win rate was higher than normal, contributing an additional HKD 14 million to adjusted EBITDA [1] - After normalizing the net win rate, adjusted EBITDA was HKD 3.3 billion, which is a 7% year-on-year increase and a 5% quarter-on-quarter increase [1]

Group 1: Macau Gaming Sector Outlook - The total gaming revenue in Macau is expected to return to a normalized growth rate by 2026, with a projected year-on-year increase of 5%, reaching 88% of the 2019 level, primarily driven by mass market gaming [3] - Mass market gaming revenue is anticipated to grow by 6% year-on-year, recovering to 126% of the 2019 level, supported by factors such as the recovery of overseas visitors, new property openings, and a diversified range of entertainment activities [3] - VIP gaming revenue is expected to decline by 5% year-on-year, recovering to 28% of the 2019 level, mainly due to high win rates in 2025 and the small scale of VIP business post-intermediary restructuring [3] Group 2: Industry Financial Projections - The EBITDA for the Macau gaming industry is projected to grow by 7% year-on-year in 2026, recovering to 96% of the 2019 level, amid a competitive landscape with six operators maintaining rational competition [4] - The reinvestment rate in the industry is expected to stabilize, with EBITDA margins remaining at stable levels due to the current competitive dynamics [4] Group 3: Global Luxury Goods Market Outlook - The global personal luxury goods retail market is expected to grow by 3% year-on-year in 2026, recovering from a flat performance in 2025, with the Greater China region projected to grow by 4% due to government consumption stimulus and the return of Chinese consumers [6][7] - Japan is also expected to see a 4% growth in luxury goods consumption in 2026, stabilizing after fluctuations in 2024 and 2025 [6] - North America is projected to continue stable growth at 3%, driven by increasing consumer demand for luxury goods and ongoing brand penetration in the market [6] Group 4: Pricing Strategy in Luxury Goods - The growth drivers in the luxury goods sector are shifting towards a rebalancing of product pricing structures, aimed at increasing foot traffic and sales [7] - Many brands are beginning to lower prices or introduce more entry-level products to attract customers, addressing previous issues of customer loss due to significant price increases from 2020 to 2025 [7]