UBS has issued a research report affirming a "Buy" rating on Galaxy Entertainment (00027) with a target price of HK$46.9. The company's adjusted EBITDA for the fourth quarter of last year was approximately HK$4.3 billion, representing a year-on-year increase of about 33% and a quarter-on-quarter rise of around 29%. After normalizing for net win rate, EBITDA stood at about HK$3.6 billion, up 9% year-on-year and 7% quarter-on-quarter, aligning with expectations. Mass market total gaming revenue grew about 6% quarter-on-quarter, outperforming the largely flat industry trend, partly driven by an increase in mass market table win rate. Additionally, Galaxy Entertainment announced a final dividend of HK$0.8 per share, surpassing market expectations of HK$0.65 per share. This brings the full-year dividend to HK$1.5 per share, equivalent to a full-year payout ratio of approximately 61%, compared to a target of 50% for 2024.