<p>银河娱乐 (00027.HK) +0.940 (+2.907%) 空头头寸 $244.78M; 比率 103.489% 今天（5 月 13 日）开盘上涨 0.7%，并在上午交易中进一步上涨，达到 HKD33.36 的峰值。最后报 HKD33.3，上涨 2.97%，成交量为 1082.1 万股，涉及 HKD3.55 亿。</p>
<p>在一份研究报告中，高盛表示银河娱乐第一季度的业绩符合预期。由于缺乏前几个季度来自理论胜率的积极影响，调整后的 EBITDA 环比下降 17%，至 HKD36 亿。排除胜率因素后，EBITDA 同比增长健康的 21%，环比基本持平，而建筑材料业务的贡献减少在预期之内。管理层在电话会议中多次表示对维持股息支付的信心。高盛认为，该集团强劲的资产负债表和现金流生成足以支持每股不低于 HKD0.8 的中期股息（或年化 HKD1.6）。根据当前股价，这意味着股息收益率约为 5%。</p>
<p>该券商指出，银河娱乐第一季度的 GGR 市场份额达到了 20.2%，受益于该期间举办的多场音乐会和活动。四月及劳动节假期期间，业绩保持健康，市场份额回升至约 21%。管理层预计即将到来的世界杯对 VIP 业务的影响将比 2018 年温和，因为玩家组合发生了变化，对高端客户的依赖减少。集团还将安排更多活动和促销，以抵消短期影响。</p>
<p>高盛补充道，第一季度的资本支出仅为 HKD9 亿，主要用于银河澳门第四期的装修工程。集团持有现金 HKD392 亿，扣除总债务 HKD27 亿后，净现金为 HKD365 亿，足以覆盖未来三年的预算资本支出，并为进一步增加股息留出空间。根据业绩，该券商对 2026-2028 年的 EBITDA 预测进行了不到 1% 的轻微下调，并将其 12 个月目标价从 HKD53.4 下调至 HKD53.2，重申买入评级。它认为，尽管市场担心未来 GGR 增长放缓，但股价在过去三个月已修正约 20%，估值处于 F2/怍低谷水平，预计 6 月后表现会更好。（ad/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 12 日 16:25。）</p>

银河娱乐

<p>银河娱乐的股价上涨了 2.9%，达到 33.3 港元，此前高盛重申了买入评级，指出尽管调整后的 EBITDA 环比下降 17% 至 36 亿港元，但股息前景依然稳健。该公司预计中期股息至少为每股 0.8 港元，收益率约为 5%。银河娱乐第一季度的博彩总收入市场份额达 20.2%，管理层对维持股息和管理资本支出充满信心。高盛略微下调了其 12 个月目标价，从 53.4 港元降至 53.2 港元，指出该股票的估值处于低谷水平，预计在 6 月后有复苏潜力</p>

<p>GALAXY ENT (00027.HK) +0.940 (+2.907%)  Short selling $244.78M; Ratio 103.489%  opened 0.7% higher today (13 May) and extended gains in the morning session, hitting a peak of HKD33.36. It was last at HKD33.3, up 2.97%, with 10.821 million shares traded, involving HKD355 million.</p>
<div class="lb-trans"><p>银河娱乐 (00027.HK) +0.940 (+2.907%) 空头头寸 $244.78M; 比率 103.489% 今天（5 月 13 日）开盘上涨 0.7%，并在上午交易中进一步上涨，达到 HKD33.36 的峰值。最后报 HKD33.3，上涨 2.97%，成交量为 1082.1 万股，涉及 HKD3.55 亿。</p>
</div><p>In a research report, G Sachs said GALAXY ENTs 1Q results were in line with expectations. Due to the absence of the previous quarters positive impact from above-theoretical win rates, adjusted EBITDA declined 17% QoQ to HKD3.6 billion. Excluding the win rate factor, EBITDA recorded a healthy 21% YoY growth and was broadly flat QoQ, while the reduced contribution from the construction materials business was within expectations. Management repeatedly expressed confidence during the conference call in maintaining dividend payments. G Sachs believes the groups strong balance sheet and cash flow generation are sufficient to support an interim dividend of no less than HKD0.8 per share (or HKD1.6 annualized). Based on the current share price, this implies a dividend yield of about 5%.</p>
<div class="lb-trans"><p>在一份研究报告中，高盛表示银河娱乐第一季度的业绩符合预期。由于缺乏前几个季度来自理论胜率的积极影响，调整后的 EBITDA 环比下降 17%，至 HKD36 亿。排除胜率因素后，EBITDA 同比增长健康的 21%，环比基本持平，而建筑材料业务的贡献减少在预期之内。管理层在电话会议中多次表示对维持股息支付的信心。高盛认为，该集团强劲的资产负债表和现金流生成足以支持每股不低于 HKD0.8 的中期股息（或年化 HKD1.6）。根据当前股价，这意味着股息收益率约为 5%。</p>
</div><p>The broker noted that GALAXY ENTs 1Q GGR market share reached 20.2%, benefiting from multiple concerts and events held during the period. Performance remained healthy in April and during the Labour Day holiday, with market share rebounding to about 21%. Management expects the impact of the upcoming World Cup on VIP operations to be milder than in 2018, as the player mix has shifted and reliance on premium customers has decreased. The group will also arrange more events and promotions to offset short-term impacts.</p>
<div class="lb-trans"><p>该券商指出，银河娱乐第一季度的 GGR 市场份额达到了 20.2%，受益于该期间举办的多场音乐会和活动。四月及劳动节假期期间，业绩保持健康，市场份额回升至约 21%。管理层预计即将到来的世界杯对 VIP 业务的影响将比 2018 年温和，因为玩家组合发生了变化，对高端客户的依赖减少。集团还将安排更多活动和促销，以抵消短期影响。</p>
</div><p>G Sachs added that 1Q capital expenditure was only HKD900 million, mainly for renovation works of Phase 4 of Galaxy Macau. The group held cash of HKD39.2 billion and net cash of HKD36.5 billion after deducting total debt of HKD2.7 billion, sufficient to cover budgeted capital expenditure for the next three years and leaving room for further dividend increases. Based on the results, the broker made slight downward adjustments of less than 1% to its 20262028 EBITDA forecasts and trimmed its 12-month TP from HKD53.4 to HKD53.2, reiterating its Buy rating. It believes that although the market is concerned about a slowdown in future GGR growth, the share price has corrected by about 20% over the past three months and valuation is F2/怍 trough levels, with better performance expected after June. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-12 16:25.)</p>
<div class="lb-trans"><p>高盛补充道，第一季度的资本支出仅为 HKD9 亿，主要用于银河澳门第四期的装修工程。集团持有现金 HKD392 亿，扣除总债务 HKD27 亿后，净现金为 HKD365 亿，足以覆盖未来三年的预算资本支出，并为进一步增加股息留出空间。根据业绩，该券商对 2026-2028 年的 EBITDA 预测进行了不到 1% 的轻微下调，并将其 12 个月目标价从 HKD53.4 下调至 HKD53.2，重申买入评级。它认为，尽管市场担心未来 GGR 增长放缓，但股价在过去三个月已修正约 20%，估值处于 F2/怍低谷水平，预计 6 月后表现会更好。（ad/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 12 日 16:25。）</p>
</div>

GALAXY ENT  Gains 3% as G Sachs Reiterates Buy on Solid Dividend Outlook, Lowers 12-Month TP to HKD53.2

银河娱乐股价上涨 3%，高盛基于稳健的股息前景重申买入评级，并将 12 个月目标价下调至 53.2 港元