Core Viewpoint - Macquarie has raised its adjusted EBITDA forecasts for MGM China (02282) for 2025 to 2027 by 3.1%, 1%, and 0.7% respectively, reflecting better-than-expected Q4 performance [1] Financial Performance - MGM China's Q4 performance exceeded expectations with net revenue increasing by 21% year-on-year and 13% quarter-on-quarter to HKD 9.62 billion, which is 6% higher than Macquarie's forecast [1] - Total gaming revenue reached HKD 10.5 billion, up 21% year-on-year and 11% quarter-on-quarter, exceeding Macquarie's prediction by 3.1% [1] - VIP gaming revenue grew by 40% year-on-year, while mass market revenue increased by 20%, indicating strong growth in both segments [1] - Adjusted EBITDA reached a record high of HKD 2.75 billion, representing a 29% year-on-year increase and a 16% quarter-on-quarter growth, surpassing market expectations by 11% [1] Strategic Initiatives - MGM China plans to upgrade its hotel rooms this year, which is expected to enhance its high-end appeal and increase market share [1] - Management indicated strong hotel booking conditions ahead of the Lunar New Year [1] Dividend Policy - Macquarie assumes a dividend payout ratio of 50% for MGM China, consistent with the company's updated dividend policy, estimating a leading industry dividend yield of over 5% [1]

Core Viewpoint - Macquarie's report indicates that MGM China (02282.HK) exceeded expectations for Q4 2025, with net revenue increasing by 21% year-on-year and 13% quarter-on-quarter to HKD 9.62 billion, surpassing the firm's forecast by 6% [1] Financial Performance - Total gaming revenue reached HKD 10.5 billion, reflecting a 21% year-on-year increase and an 11% quarter-on-quarter increase, exceeding predictions by 3.1% [1] - VIP gaming revenue grew by 40% year-on-year, while mass market revenue increased by 20%, demonstrating strong growth in both segments [1] - Adjusted EBITDA reached HKD 2.75 billion, marking a new quarterly high with a 29% year-on-year increase and a 16% quarter-on-quarter increase, exceeding market expectations by 11% [1] Future Projections - Macquarie has raised its adjusted EBITDA forecasts for MGM China for 2025 to 2027 by 3.1%, 1%, and 0.7% respectively [1] - The target price has been slightly increased by 1% from HKD 21.3 to HKD 21.6, maintaining an "Outperform" rating [1] Strategic Initiatives - The company plans to upgrade hotel rooms this year, which is expected to enhance its appeal in the high-end market and increase market share [1]

Core Viewpoint - UBS reports that MGM China (02282) is expected to achieve an adjusted property EBITDA of $353 million in Q4 2025, representing a year-on-year increase of 29% and a quarter-on-quarter rise of approximately 16% [1] Financial Performance - Adjusted EBITDA, after accounting for VIP room win rates, is projected to be $322 million, aligning with market expectations [1] - UBS maintains a target price of HKD 18.5 for MGM China, with a "Buy" rating [1] Management Insights - MGM China's management indicates that the competitive environment remains stable and expresses optimism regarding the Lunar New Year holiday, noting that booking trends are "extremely encouraging" [1] - Management reports no signs of the typical seasonal slowdown before the Lunar New Year this year [1] - Due to limited room supply, management will continue to focus on revenue management strategies [1]

Core Viewpoint - UBS reports that MGM China (02282) is expected to achieve an adjusted property EBITDA of USD 353 million in Q4 2025, representing a year-on-year increase of 29% and a quarter-on-quarter rise of approximately 16% [1] Group 1: Financial Performance - The adjusted EBITDA, after accounting for VIP room win rates, is projected to be USD 322 million, aligning with market expectations [1] - UBS maintains a target price of HKD 18.5 for MGM China, with a "Buy" rating [1] Group 2: Management Insights - MGM China's management indicates that the competitive environment remains stable and expresses optimism regarding the Lunar New Year holiday, citing "extremely encouraging" booking trends [1] - Management notes the absence of typical seasonal downturns before the Lunar New Year this year, which is a departure from previous years [1] - Due to limited room supply, management will continue to focus on revenue management strategies [1]

Core Viewpoint - Macquarie's report indicates that MGM China exceeded expectations in its Q4 performance, with net revenue increasing by 21% year-on-year and 13% quarter-on-quarter to HKD 9.62 billion, surpassing the firm's forecast by 6% [1] Financial Performance - Total gaming revenue rose by 21% year-on-year and 11% quarter-on-quarter to HKD 10.5 billion, exceeding the firm's prediction by 3.1% [1] - Adjusted EBITDA reached a quarterly record high, increasing by 29% year-on-year and 16% quarter-on-quarter to HKD 2.75 billion, which is 11% above market expectations [1] Strategic Initiatives - MGM China plans to upgrade its hotel rooms this year, which is expected to enhance its high-end appeal and increase market share [1] - Management reported strong hotel booking conditions ahead of the Lunar New Year [1] Forecast Adjustments - The firm has raised its adjusted EBITDA forecasts for MGM China for 2025 to 2027 by 3.1%, 1%, and 0.7% respectively, primarily reflecting the better-than-expected Q4 performance [1] - Target price has been slightly increased from HKD 21.3 to HKD 21.6, maintaining an "outperform" rating [1]

Group 1: Bubble Mart (泡泡玛特) - Citic Jiantou maintains an "Accumulate" rating for Bubble Mart, highlighting the company's "one strong, multiple strong" IP structure, with Labubu's influence solidified and new IPs like Xingxingren and Crybaby driving high growth [1] Group 2: MGM China (美高梅中国) - Haitong International maintains a "Buy" rating for MGM China, reporting a 21.4% year-on-year increase in total revenue for Q4 2025, with adjusted EBITDA rising 29.5% to HKD 2.75 billion, driven by strong performance from MGM Cotai and precise targeting of high-end customers [2] - CICC also maintains an "Outperform" rating for MGM China, noting adjusted EBITDA of HKD 2.753 billion for Q4 2025, up 29% year-on-year, significantly exceeding market expectations, despite a brand fee increase expected to impact net profit by about 14% [4] - Citic Securities maintains an "Accumulate" rating for MGM China, indicating that the company's performance exceeded expectations, with net income and adjusted EBITDA recovering to pre-pandemic levels, supported by strong performances from MGM Macau and MGM Cotai [7] Group 3: Yum China (百胜中国) - Haitong International maintains a "Buy" rating for Yum China, reporting a 9% year-on-year revenue increase for Q4 2025 and a 24% increase in adjusted net profit, with same-store sales growing for three consecutive quarters and restaurant profit margins improving by 0.7 percentage points to 13.0% [3] Group 4: Innovent Biologics (信达生物) - CICC maintains an "Outperform" rating for Innovent Biologics, projecting product revenue of RMB 11.9 billion for 2025, a 45% year-on-year increase, with seven new products included in the 2026 medical insurance catalog [5] Group 5: Swire Properties (太古地产) - CICC maintains an "Outperform" rating for Swire Properties, noting significant recovery in luxury retail operations in mainland China, with retail sales in Shanghai and Beijing increasing by 49.6% and 11.2% respectively [6] Group 6: Meituan (美团) - Citic Securities maintains a "Buy" rating for Meituan, announcing a plan to acquire Dingdong Maicai for USD 717 million, which is expected to strengthen its East China front warehouse network and bring in HKD 170 million in adjusted net profit post-integration [8] Group 7: Kuaishou (快手) - Citic Jiantou maintains a "Buy" rating for Kuaishou, highlighting the launch of its AI video model 3.0, which supports 15-second generation and intelligent scene segmentation, with commercial growth expected to reach USD 240 million in ARR by 2025 [10] Group 8: Huiju Technology (汇聚科技) - Citic Jiantou maintains a "Buy" rating for Huiju Technology, emphasizing its deep ties with leading CSPs like Google and the benefits from the upgrade of optical modules, projecting a revenue increase of 82.1% year-on-year for H1 2025 [10]

Core Viewpoint - MGM China is expected to achieve a net revenue of HKD 9.617 billion in Q4 2025, reaching 169% of the level seen in the same period of 2019 [1] Financial Performance - Adjusted EBITDA is projected to be HKD 2.753 billion, exceeding market expectations of HKD 2.449 billion [1] - Total gaming revenue for MGM Cotai and MGM Macau has recovered to 214% and 104% of the levels seen in the same period of 2019, respectively [1] Analyst Ratings - The firm maintains its EBITDA forecasts for MGM China for 2026 and 2027, sustaining an "outperform" rating with a target price of HKD 16.1 [1]

Core Viewpoint - UBS reports that MGM China’s adjusted property EBITDA for Q4 2025 is projected to be $353 million, representing a year-on-year growth of 29% and a quarter-on-quarter increase of approximately 16% [1] Group 1: Financial Performance - Adjusted VIP room win rate leads to an EBITDA of $322 million, aligning with market expectations [1] - The management expresses optimism regarding the Lunar New Year holiday, with encouraging booking trends observed [1] Group 2: Market Environment - The competitive landscape within the industry remains stable, with no signs of the typical seasonal slowdown before the Lunar New Year [1] - Due to limited room supply, the management will continue to focus on revenue management strategies [1] Group 3: Investment Rating - UBS maintains a target price of HKD 18.5 for MGM China, with a "Buy" rating [1]

Group 1 - The core viewpoint of the article highlights significant stock movements in the Hong Kong and US markets, driven by strategic partnerships, positive financial reports, and market trends [1][2][3][4][5][6][7]. Group 2 - Ocean Group (01991) saw a surge of over 13.3% after announcing a strategic partnership with CONSCIOUSNESS FOUNDATION LTD. to establish a joint venture focused on AI smart hardware, marking a significant step in its AI strategy [1]. - Gaming stocks continued to rise, with Melco International Development (00200) up 5.49% and Sands China (01928) up 3.26%, supported by a 24% year-on-year increase in Macau's gaming revenue for January [1]. - China Energy Storage (02399) increased by over 9.2% following its announcement to acquire 100% of Wuzhong Ruichu Technology for RMB 64 million [2]. - The real estate sector showed recovery, with Sunac China (01918) rising 8.2% as market confidence improved in January [3]. - Gold stocks collectively rose, with China’s gold reserves increasing to 74.19 million ounces, marking a continuous increase for 15 months [4]. - In the US market, Lexin Fintech (LX.US) rose 6.04% amid a broader market rally, with the Dow Jones reaching a historic high of 50,115.67 points [5]. - SpyGlass Pharma (SGP.US) debuted on the US market with a 65% increase, focusing on chronic eye disease treatments [6]. - Bitcoin-related stocks rebounded significantly, with Strategy (MSTR.US) up 26.11% [7].

Group 1 - The gaming stocks experienced a collective rise in the morning session, with notable increases in share prices [1][3] - New World Development (00200) saw a significant increase of 6.15%, reaching HKD 4.83 [1][3] - MGM China (02282) rose by 2.89%, trading at HKD 13.52 [1][3] - Sands China (01928) increased by 2.71%, with a price of HKD 18.58 [1][3] - Galaxy Entertainment (00027) gained 2.20%, priced at HKD 43.60 [1][3]