On August 16, Guosen Securities report pointed out that Galaxy Ent is the only Macau casino stock that recorded a quarterly EBITDA growth, with its Q2 EBITDA rising 12% QoQ to HKD 3.2 billion, beating the market's downwardly revised forecast of HKD 3 billion to 3.1 billion. This was supported by indirect cost savings and a 2% reduction in daily operating expenses, which offset the impact of promotion expenses on the quarterly increase in the proportion of casino gross revenue by 1.8 percentage points to 17.3%. After adjusting for VIP win rate, its quarterly EBITDA actually increased by 15% YoY, benefiting from seasonal profitability growth in the building materials business and improved casino performance. The company announced an interim dividend of HKD 0.5 per share, up from HKD 0.2 per share last year, meaning the dividend payout ratio increased from the previous 30% to 50%, which is surprising. The bank adjusted its EBITDA forecast for Galaxy Ent from this year to 2026 by up to 1% at most, and its target price was lowered from HKD 52.4 to HKD 51.9, but maintained a 'buy' rating.