Core Viewpoint - UBS reports that Galaxy Entertainment (00027) declared an interim dividend of HKD 0.7 per share, exceeding market expectations with a payout ratio of approximately 58%, compared to the expected 50%, which UBS views as a positive surprise, maintaining a "Buy" rating with a target price of HKD 43.9 [1] Financial Performance - Galaxy Entertainment's adjusted EBITDA for Q2 increased by 12% year-on-year to HKD 3.6 billion; when adjusting for VIP room win rate factors, EBITDA grew approximately 7% quarter-on-quarter to HKD 3.2 billion [1] - Despite an increase in market share, the EBITDA margin (excluding construction business) declined by 10 basis points quarter-on-quarter to 29.6% due to rising reinvestment rates [1] Revenue Breakdown - Mass gaming revenue grew approximately 7% quarter-on-quarter, outperforming the industry average growth of 4% [1] - VIP room betting volume increased by approximately 20% quarter-on-quarter, primarily driven by the soft opening of the Capella Hotel in early May [1] Operating Expenses - The company's daily operating expenses rose by 2% quarter-on-quarter, with reinvestment rates increasing by 120 basis points, reflecting higher promotional activities related to concerts and hotel openings in Q2 [1]

Core Viewpoint - UBS research report indicates that Galaxy Entertainment's adjusted EBITDA for the second quarter increased by 12% year-on-year, reaching HKD 3.6 billion [1] Financial Performance - Adjusted EBITDA, excluding the impact of VIP room win rates, grew approximately 7% quarter-on-quarter, amounting to HKD 3.2 billion [1] - Daily operating expenses for Galaxy Entertainment increased by 2% quarter-on-quarter [1] - Reinvestment rate rose by 120 basis points, indicating an increase in promotional activities related to concerts and hotel openings during the second quarter [1] Dividend Announcement - Galaxy Entertainment announced an interim dividend of HKD 0.7 per share, exceeding market expectations, with a payout ratio of approximately 58% [1] Analyst Rating - UBS maintains a "Buy" rating for the company, with a target price set at HKD 43.9 [1]

Group 1: Industry Performance - The gaming industry showed significant divergence in the latest Q2 results, with 8 companies exceeding expectations, 2 meeting expectations, and 2 falling short [1] - Strong performance from Wynn Resorts highlighted its strength in the high-end market despite overall weakness in the Las Vegas Strip [1] - Local consumer performance in Las Vegas was notably strong, and changes in the "Big Beautiful Act" positively impacted free cash flow [1] Group 2: Company-Specific Insights - Bank of America reiterated a "Buy" rating for Wynn Resorts with a target price of $125, expecting Q3 EBITDA in Macau to be $272 million, slightly above market expectations [1] - Penn Entertainment's full-year EBITDA guidance was lowered from $400 million to $200 million, reflecting a cautious outlook for market share in the second half [2] - Sportradar reported Q2 revenues/EBITDA of €318 million/€64 million, slightly above Bank of America's expectations, and raised its full-year guidance [2]

Core Viewpoint - UBS reported that Galaxy Entertainment's adjusted EBITDA for Q2 increased by 12% year-on-year to HKD 3.6 billion, indicating strong operational performance despite rising reinvestment rates [1] Financial Performance - Adjusted EBITDA, excluding VIP room win rate factors, grew approximately 7% quarter-on-quarter to HKD 3.2 billion [1] - EBITDA margin (excluding construction business) decreased by 10 basis points quarter-on-quarter to 29.6% due to increased reinvestment rates [1] - Daily operating expenses increased by 2% quarter-on-quarter, reflecting higher promotional activities related to concerts and hotel openings [1] Dividend Announcement - Galaxy Entertainment declared an interim dividend of HKD 0.7 per share, exceeding market expectations [1] - The payout ratio reached approximately 58%, compared to the market expectation of 50%, which is viewed as a positive surprise [1] Investment Rating - UBS maintains a "Buy" rating for Galaxy Entertainment with a target price of HKD 43.9 [1]

智通财经APP获悉，金界控股(03918)尾盘涨超5%，截至发稿，涨5%，报4.41港元，成交额4294.51万港 元。 中金发布研报称，金界控股将于8月底公布1H25业绩。该行预计公司1H25 EBITDA同比增长240%，环 比增长28%；预计公司1H25总博彩收入同比增长20%，环比增长31%。该行认为，公司EBITDA的强劲 增长，主要得益于访客人数与外国直接投资额持续增长带动的复苏好于预期。 该行续指，2025年4月，中国重申中柬紧密合作关系。2024年，柬埔寨吸引外国直接投资总额达到69亿 美元，同比增长40%，其中来自中国的贡献占比持续超过50%，继续居于首位。1H25中国赴柬旅客同比 增长51%，环比增长28%；其中中国商务旅客同比增长46%，环比增长31%。该行认为，中国对柬埔寨 投资额的增加有望带动公司业务量(尤其是贵宾业务)上升，主要得益于商务旅客来访或将更加频繁，以 及可能有更多的外派人员到达柬埔寨，需求有望提升。 ...

Core Viewpoint - Morgan Stanley has upgraded its forecast for the Macau gaming industry for the third time in three months, indicating a positive outlook for the sector [1] Company Summaries - Galaxy Entertainment's target price has been raised from HKD 42 to HKD 53, maintaining an "Overweight" rating [1] - MGM China’s target price increased from HKD 15 to HKD 23, also with an "Overweight" rating [1] - Sands China’s target price has been adjusted from HKD 18 to HKD 24.5, retaining an "Overweight" rating [1] - SJM Holdings' target price rose from HKD 2.2 to HKD 3, with a "Neutral" rating [1] - Melco International's target price increased from HKD 2.6 to HKD 4.5, but the rating is "Underweight" [1] Industry Insights - The total gaming revenue (GGR) is projected to grow by 13% in the second half of 2025, with a 4% increase in the first half [1] - Strong cash flow is expected to drive EBITDA growth, with forecasts of a 12% increase in Q3 and a 16% increase in Q4, surpassing market expectations [1] - Continuous positive revisions and normalization of price-to-earnings multiples suggest a potential average stock price increase of approximately 35% for the industry [1]

业绩受新酒店项目独家预览和银河综艺馆的演唱会带动，录得强劲表现和单日客流新高。公司财务状况 稳健，现金及流动投资达307亿港元。董事会宣布派发每股0.70港元的中期股息。 银河娱乐公布2025年上半年业绩，净收益为232亿港元，同比上升8%；经调整EBITDA为69亿港元，同 比上升14%。第二季度净收益120亿港元，同比及环比均增长。 ...

Core Viewpoint - Galaxy Entertainment Group reported a net revenue of HKD 23.2 billion for the first half of 2025, representing an 8% year-on-year increase [1] Financial Performance - Adjusted EBITDA for the first half of 2025 was HKD 6.9 billion, an increase of 14% compared to the previous year [1] - In the second quarter, net revenue reached HKD 12 billion, marking a 10% year-on-year increase and an 8% quarter-on-quarter increase [1] - Adjusted EBITDA for the second quarter was HKD 3.6 billion, up 12% year-on-year and 8% quarter-on-quarter [1] Operational Highlights - The new luxury hotel project, Galaxy Macau Capella, provided exclusive previews in May, contributing to strong performance during the Golden Week [1] - The Galaxy Arena hosted performances by popular artists G-Dragon and Jacky Cheung in June, leading to a record daily footfall of over 123,000 visitors at Galaxy Macau [1] Financial Stability - As of June 30, 2025, the company maintained a robust balance sheet with cash and liquid investments totaling HKD 30.7 billion and very low debt levels [1] - The strong financial position enables the company to fund its development plans, explore overseas expansion opportunities, and distribute dividends to shareholders [1] - The board announced an interim dividend of HKD 0.70 per share, which will be distributed in October 2025, following the previously declared final dividend of HKD 0.50 per share paid in June [1]

Core Viewpoint - Galaxy Entertainment (00027) reported a mid-term performance for the six months ending June 30, 2025, showing a revenue of HKD 23.246 billion, an increase of 8.27% year-on-year, and a net profit attributable to shareholders of HKD 5.24 billion, up 19.44% year-on-year [1] Group 1: Financial Performance - Revenue for the first half of 2025 was HKD 23.246 billion, reflecting an 8.27% increase compared to the previous year [1] - Net profit attributable to shareholders reached HKD 5.24 billion, marking a year-on-year increase of 19.44% [1] - Basic earnings per share were HKD 1.198 [1] Group 2: Dividend and Contributions - The company proposed an interim dividend of HKD 0.7 per share [1] - "Galaxy Macau" was identified as the largest source of revenue and profit for the group, with net revenue of HKD 19.1 billion in the first half of 2025, representing a 13% year-on-year increase [1] Group 3: Adjusted EBITDA - Adjusted EBITDA for the first half of 2025 was HKD 6.3 billion, an 18% increase year-on-year [1] - The high net win rate in the gaming business of "Galaxy Macau" contributed approximately HKD 755 million to the increase in adjusted EBITDA [1] - After normalizing the net win rate, the adjusted EBITDA for the first half of 2025 would be HKD 5.6 billion, reflecting a 3% year-on-year increase [1]

银河娱乐上半年营收232亿港元，同比上升8%，净利润52.4亿港元，同比上升19%。 本文源自：金融界AI电报 ...