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<Research>G Sachs Expects GALAXY ENT to Have Ample Financial Capacity to Further Hike Div., but Cuts TP to $53.4
Recommend 6 Positive 14 Negative 9 |
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Goldman Sachs published a research report on GALAXY ENT (00027.HK), which announced yesterday (26th) its full-year results for the period ending December 2025, with strong 4Q25 results as expected by the broker. The EBITDA grew by 29% QoQ to HKD4.3 billion, meeting the broker's expectations and at the upper end of the consensus range of HKD3.6-4.3 billion. The group declared a final DPS of HKD0.8, equivalent to a earnings payout of 64% for 2H25, up from 58% in 1H25 and 50% for FY24. Management expressed the intention to distribute at least 65% of earnings in the future. Goldman Sachs believed the group has ample financial capacity to further hike dividends or adopt a progressive dividend policy like SANDS CHINA LTD (01928.HK), as the remaining capex of HKD18 billion for Galaxy Macau Phase 4 should be fully covered by its strong FCF and HKD35 billion in net cash on hand. Goldman Sachs noted that the upcoming "Two Sessions" from March 4 to 11 may impact gaming and tourism demand. Regarding results performance, the broker fine tuned its EBITDA forecast for GALAXY ENT for FY26-27 by less than 1% and lowered the 12-month TP from HKD54 to HKD53.4. The Buy rating was maintained. AASTOCKS Financial News Website: www.aastocks.com |
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