Glonghui, May 20 | Lyon published a research report saying that GEG's adjusted “luck-adjusted” (luck-adjusted) EBITDA for the first quarter of fiscal year 2024 fell 5% quarterly, 2% lower than market expectations. It was mainly affected by seasonal weakness in the company's construction department and the reconfiguration of its gaming hall from January to early February. The bank also indicated that GEG's market share showed initial signs of gradual improvement. The company's market share in April and May was higher than the average of 17.3% and 17.5% for the past three and six months, respectively. If the relevant market share expansion continues, it may trigger a re-rating of GEG shares. However, GEG is currently deploying smart chips, which may affect the company's possibility of further upgrading its Macau Star Hotel and temporarily erode its market share. Also, considering that the fourth phase of Galaxy Macau plans to invest about HK$20 billion, it is possible to invest in a comprehensive Thai casino resort. The bank believes that even though Galaxy has strong financial reserves, it is unlikely that the dividend will increase significantly in the next three years. The bank predicts that Galaxy's annual dividends for the 2024 and 2025 fiscal years will be HK$0.684 and HK$0.898, respectively; the yields will be 1.8% and 2.4%, respectively. Combining the above factors, Lyon maintained GEG's target price of HK$53.3, and the “buy” rating remained unchanged.