CITIC Social Services: Galaxy Entertainment 2Q26 Earnings Call Minutes
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Key Views
Mass GGR rose 8% YoY to HK$9.5 billion while VIP fell 32% to HK$1.6 billion. Net cash stood at HK$35.9 billion, supporting a payout ratio raised to 75%—the fifth increase since reopening—with an interim dividend of HK$0.90 per share payable in September 2026. Costs declined and mall rental income grew 16% YoY.
Outlook
Post-World Cup trading rebounded sharply in late July and August, especially in VIP and premium mass; management expects H2 Macau market GGR to potentially come in stronger than H1. Galaxy Phase 4 targets 2027 completion with five hotels and ~1,350 rooms; FY26 capex guidance is HK$5–6 billion. StarWorld renovations finish in Q1 next year.
Recommended Securities
Galaxy Entertainment: no rating or target price stated in the minutes.