银河娱乐(00027):去年末季经调整EBITDA符预期,评级"买入" 瑞银发布研报称，予银河娱乐(41.58,0.14,0.34%)(00027)目标价46.9港元，评级"买入"。银河去年第 四季经调整EBITDA约为43亿元，同比增约33%，按季增约29%。净赢率正常化后，EBITDA约为36亿元，同比增 9%，按季增7%，符合预期。而中场总赌收按季增约6%，优于大致持平的行业趋势，部分受中场赌台赢率上升所 推动。此外，银娱宣布派末期股息每股0.8港元，高于市场预期的0.65港元，使全年股息达每股1.5港元，相当 于全年派息率约61%，相对于2024年为50%。 瑞银华宝 ...

Group 1 - UBS has set a target price of HKD 46.9 for Galaxy Entertainment (00027) with a "Buy" rating [1] - In Q4 of the previous year, adjusted EBITDA for Galaxy was approximately HKD 4.3 billion, representing a year-on-year increase of about 33% and a quarter-on-quarter increase of about 29% [1] - After normalizing the net win rate, EBITDA was around HKD 3.6 billion, showing a year-on-year growth of 9% and a quarter-on-quarter growth of 7%, which met expectations [1] Group 2 - The total gaming revenue from the mass market increased by approximately 6% quarter-on-quarter, outperforming the industry trend of being roughly flat, partly driven by an increase in the win rate on mass gaming tables [1] - Galaxy Entertainment announced a final dividend of HKD 0.8 per share, exceeding market expectations of HKD 0.65 per share, bringing the total annual dividend to HKD 1.5 per share [1] - The annual payout ratio is approximately 61%, compared to an expected payout ratio of 50% for 2024 [1]