大华继显发布研报称，银河娱乐(00027)2025年第三季正常化调整后EBITDA按季增长5%，但台风桦加 沙导致EBITDA减少1.4亿元。公司于10月凭借稳健的客流量及贵宾赌台异常高胜率，交出亮眼业绩，此 势头延续至11月。展望未来，管理层预期2025年第四季表现将略高于常规季节性波动，主要受惠于高端 中场及贵宾厅业务的支撑。维持"买入"评级;将目标价由49港元下调至47港元。 ...

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]