Group 1 - MGM China announced a share buyback plan, intending to repurchase 1 million shares at a cost of HKD 15.9846 million [1]

Core Viewpoint - Macquarie's report indicates that Galaxy Entertainment (00027) has shown a 10% year-on-year increase in net revenue for the second quarter, with an 8% quarter-on-quarter growth, while gaming revenue rose by 16% year-on-year and 10% quarter-on-quarter, slightly below the firm's forecast [1] Financial Performance - Adjusted EBITDA increased by 12% year-on-year and 8% quarter-on-quarter, exceeding the firm's forecast by 2% [1] - The firm has adjusted its adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 down by 0.1% and 0.5%, respectively, but raised the 2027 forecast by 0.6% [1] Target Price and Rating - The target price for Galaxy Entertainment has been raised by 4%, from HKD 53.6 to HKD 55.6, while maintaining an "outperform" rating [1] Dividend Announcement - Galaxy Entertainment declared an interim dividend of HKD 0.7, with a payout ratio of 58%, an increase from 50% in the same period last year, surpassing market expectations [1] - The firm believes that due to strong free cash flow and net cash accumulation, Galaxy Entertainment is financially capable of maintaining this payout ratio, with an expected payout ratio of 60% for the year, translating to a cash dividend yield of 3.5% [1]

Core Insights - Macquarie's report indicates that Galaxy Entertainment's Q2 net revenue increased by 10% year-on-year and 8% quarter-on-quarter, with gaming revenue rising by 16% year-on-year and 10% quarter-on-quarter, slightly below the firm's forecast by 1% [1] - Adjusted EBITDA grew by 12% year-on-year and 8% quarter-on-quarter, exceeding the firm's forecast by 2% [1] - The firm has adjusted its adjusted EBITDA forecasts for Galaxy Entertainment down by 0.1% and 0.5% for 2025 and 2026, respectively, while increasing the 2027 forecast by 0.6% [1] - The target price for the group has been raised by 4%, from HKD 53.6 to HKD 55.6, while maintaining an "outperform" rating [1] Dividend and Financial Health - Galaxy Entertainment declared an interim dividend of HKD 0.7, with a payout ratio of 58%, up from 50% in the same period last year, exceeding market expectations [1] - The firm believes that due to the group's strong free cash flow and net cash accumulation capabilities, it can maintain this payout ratio [1] - The expected payout ratio for the group this year is 60%, translating to a cash dividend yield of 3.5% [1]

Core Insights - The article highlights the significant wealth accumulation of new immigrants in the United States, with the top ten billionaires born overseas amassing a total wealth of approximately $867 billion, comparable to Switzerland's GDP [1][2]. Group 1: Individual Billionaires - Elon Musk has a net worth of $393.1 billion and is the founder of Tesla and SpaceX, originally from South Africa [3][6]. - Sergey Brin, co-founder of Google, has a net worth of $139.7 billion and was born in Russia [9][11]. - Jensen Huang, co-founder of Nvidia, has a net worth of $137.9 billion and hails from Taiwan [12][16]. - Thomas Peterffy, founder of Interactive Brokers, has a net worth of $67.9 billion and was born in Hungary [13][15]. - Miriam Adelson and family, owners of the Las Vegas Sands casino empire, have a net worth of $33.4 billion and were born in Israel [16][19]. - Rupert Murdoch and family, owners of a global media empire, have a net worth of $24 billion and were born in Australia [20][22]. - Peter Thiel, co-founder of PayPal, has a net worth of $21.8 billion and was born in Germany [23][25]. - Jay Chaudhry, founder of cloud security company Zscaler, has a net worth of $17.9 billion and was born in India [27][29]. - Jan Koum, co-founder of WhatsApp, has a net worth of $16.9 billion and was born in Ukraine [30][32]. - Kingston Technology co-founder Dov Ziv has a net worth of $14.1 billion and was born in China [33][35].

Core Viewpoint - The report from Daiwa Capital Markets indicates that Galaxy Entertainment (00027) is expected to see a 7% quarter-on-quarter growth in normalized EBITDA for Q2 2025, with a slight increase in market share due to lower win rates [1] Group 1: Financial Performance - The company declared an interim dividend of HKD 0.7 per share, resulting in a payout ratio of 58%, with management expecting a sustainable payout ratio of around 60% [1] - Daiwa has raised its EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 4% respectively [1] - The target price for the stock has been increased by 5%, from HKD 43 to HKD 45, while maintaining a "buy" rating [1] Group 2: Market Position and Strategy - In Q2 2025, Galaxy Entertainment's mass market share is estimated to grow by 0.8 percentage points to 22%, which investors perceive as moderate growth [1] - The management acknowledges the current intense market competition but does not expect further deterioration this year [1] - The opening of the Capella Hotel is anticipated to enhance reinvestment efficiency, with positive impacts already observed during its trial operation period [1]

Core Viewpoint - Goldman Sachs has adjusted its EBITDA forecast for Galaxy Entertainment (00027) for 2025 to 2027 by 0% to 1%, raising the target price from HKD 49.6 to HKD 50.1, reaffirming it as an industry favorite and maintaining a "Buy" rating [1] Group 1: Financial Performance - The company reported a second-quarter adjusted EBITDA of HKD 3.6 billion, an 8% quarter-on-quarter increase, aligning with Goldman Sachs' expectations, primarily benefiting from an increase in VIP net win rate [1] - Excluding the impact of the VIP net win rate and increased contributions from the construction business, the gaming EBITDA rose 5% quarter-on-quarter to HKD 2.9 billion [1] - The EBITDA margin is expected to remain around 28.1%, with growth in gaming volume offset by an increase in average daily operating expenses [1] Group 2: Market Share and Dividends - The company's total gaming gross revenue (GGR) market share increased by 0.7 percentage points quarter-on-quarter to 20.5% [1] - The interim dividend increased by 40% year-on-year to HKD 0.7 per share, with a payout ratio of 58%, higher than last year's 50% and the historical average of 30%, as well as exceeding some peers' payout ratios of 40% to 50% [1] - Management expressed confidence in the outlook for Macau and the company's long-term prospects, indicating that future dividends could be sustainable, projecting an annual dividend of HKD 1.58 based on a 60% payout ratio, resulting in a dividend yield of 3.9% at the current price [1]

Core Viewpoint - The report from Daiwa Capital Markets indicates that Galaxy Entertainment (00027) is expected to see a 7% quarter-on-quarter growth in normalized EBITDA for Q2 2025, driven by a slight increase in market share despite lower win rates [1] Group 1: Financial Performance - The company declared an interim dividend of HKD 0.7 per share, resulting in a payout ratio of 58%, with management expecting a sustainable payout ratio of around 60% [1] - Daiwa has raised its EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 4% respectively [1] - The target price for the stock has been increased by 5%, from HKD 43 to HKD 45, while maintaining a "buy" rating [1] Group 2: Market Position and Strategy - In Q2 2025, Galaxy Entertainment's mass market share is estimated to grow by 0.8 percentage points to 22%, which investors perceive as moderate growth [1] - The management acknowledges the current intense market competition but does not expect further deterioration this year [1] - The opening of the Capella Hotel is anticipated to enhance reinvestment efficiency, with positive impacts already observed during its trial operation period [1]

该行早前预测银河娱乐将录得最强劲的季度EBITDA增长，受惠于嘉佩乐酒店开幕及多场巨星演唱会。 事实上，集团日前公布中期业绩，次季经调整EBITDA达36亿港元，按季升8%，符合该行预期，主要受 惠于VIP净赢率提升。若剔除该因素及建材业务贡献增加，博彩业务EBITDA按季升5%至29亿港元。该 行料EBITDA利润率维持约28.1%，博彩量增长部分被日均营运开支上升抵消。而集团次季博彩总收入 (GGR)市场份额则按季升0.7个百分点至20.5%。 另外，中期息同比增40%至每股0.7港元，派息比率达58%，高于去年全年的50%及过往的30%，亦高于 部分同行的40%至50%派息比率。该行认为此举再次反映管理层对澳门前景、集团长期展望及强劲自由 现金流的信心。管理层亦指引未来派息可持续，如以60%派息率推算，该行料全年股息可达1.58港元， 按现价计股息率达3.9%。 智通财经APP获悉，高盛发布研报称，据业绩表现，微调银河娱乐(00027)2025至27年EBITDA预测0%至 1%，目标价由49.6港元上调至50.1港元，重申其为行业首选，维持"买入"评级。 ...

Market Performance - The Hong Kong stock market experienced a significant rally, with the Hang Seng Index rising nearly 650 points to surpass 25,500 points, marking a strong upward trend throughout the day [1] - The Hang Seng Technology Index showed remarkable performance, closing up 3.52%, while the Hang Seng Index and the China Enterprises Index increased by 2.58% and 2.62% respectively [1] Key Stocks and Sectors - Major technology stocks and large financial companies (including banks, insurance, and brokerage firms) contributed to the market's rise, with Alibaba up 6% and Tencent nearly 5%, reaching a four-year high ahead of their earnings announcement [1] - Other notable gainers included Baidu and Meituan, both rising over 4%, along with significant increases in stocks like CITIC Securities, China Bank, Agricultural Bank, and Ping An Insurance [1] - The biopharmaceutical sector remained active, with innovative drug concept stocks collectively strengthening [1] - The ongoing global AI trend led to a broad increase in AI-related stocks, with New Oriental Education Group surging 19.6%, marking the best performance [1] Underperforming Sectors - Conversely, sectors such as gambling stocks, paper industry stocks, and water utilities faced declines, with Morning Paper Industry dropping over 5% and Galaxy Entertainment and Huicai Holdings falling by 2% [1] - The education sector showed weakness, with China Oriental Education leading the decline, while lithium battery stocks experienced a pullback, with Tianqi Lithium down 1.7% [1]

Core Viewpoint - The report from Daiwa Capital Markets indicates that Galaxy Entertainment's normalized EBITDA for Q2 increased by 7% quarter-on-quarter, with a slight growth in market share due to lower win rates [1] Group 1: Financial Performance - Galaxy Entertainment's Q2 normalized EBITDA grew by 7% compared to the previous quarter [1] - The company declared an interim dividend of HKD 0.7 per share, resulting in a payout ratio of 58% [1] - Management anticipates a sustainable payout ratio of approximately 60% [1] Group 2: Future Outlook - With the opening of the Capella Hotel, management expects further optimization of reinvestment efficiency amid intense market competition [1] - EBITDA forecasts for 2025 and 2026 have been raised by 5% and 4% respectively [1] - The target price has been increased from HKD 43 to HKD 45 based on a 12x target EV/EBITDA ratio, maintaining a "Buy" rating [1]