The Zhitong Finance App learned that J.P. Morgan Chase released a research report stating that it maintains Galaxy Entertainment's (00027) “gain” rating, with a target price of HK$54. The company's EBITDA for the fourth quarter of last year was in line with expectations, but the performance details were mixed. The market share was disappointing, but the dividend per share was better than expected (a total special interest of HK$0.5 per share for the fiscal year 2023, higher than the bank's original forecast of HK$0.4), but the current focus is on GEG management's latest comments at the analyst meeting held at 5:30 p.m.

The bank pointed out that the positive factors for GEG's performance include dividends slightly higher than expected, and the company is still the only Macau gaming operator to pay dividends from the 2023 fiscal year profits. Today, the company announced a special interest of HK$0.3 per share for the second half of 2023, plus a special interest of HK$0.2 for the first half of 2023, which means that the dividend payout ratio is 32%, which is 2 percentage points higher than the historical dividend ratio of 30%.

In terms of loss of market share, the Group's overall gaming revenue increased by 6% last quarter (compared to 11% of the industry's growth rate), and its market share fell below 18% (17.7%, compared to 18.5% in the third quarter). Although this has been anticipated, it is still impressive. Although the third phase of the Galaxy Project hotel project began in the third quarter of last year, it usually takes 6 to 8 quarters for the new project to expand, so the bank will patiently monitor the pace of the company's future expansion, which will also be the focus of the analyst meeting later today.