Group 1 - The gaming stocks continued to rise, with New World Development (00200.HK) increasing by 5.93% to HKD 4.82 [1] - Sands China (01928.HK) saw a rise of 3.54%, reaching HKD 18.73 [1] - Galaxy Entertainment (00027.HK) increased by 2.58%, trading at HKD 43.76 [1] - MGM China (02282.HK) rose by 2.13%, with a price of HKD 13.42 [1]

Group 1 - The core viewpoint of the article highlights the positive performance of gaming stocks in Macau, driven by strong growth in gaming revenue and high hotel occupancy rates during the upcoming Chinese New Year holiday [1] Group 2 - According to the Macau Gaming Inspection and Coordination Bureau, the gross gaming revenue for January reached 22.633 billion MOP, representing a year-on-year increase of 24.0% [1] - Hotel operators in Macau report that hotel booking rates and travel agency orders are rising, with expectations that hotel occupancy during the Chinese New Year will exceed 90% [1] - Morgan Stanley's report indicates that the average daily gaming revenue during the first five days of last year's Golden Week was approximately 1.1 billion MOP, and anticipates that this year's Lunar New Year gaming revenue will be comparable or even stronger due to high occupancy rates and a 25% increase in average daily room rates (ADR) [1] - The firm expects a 13% year-on-year growth in total gaming revenue for February, supported by sustained demand post-holiday, and projects a 16% year-on-year increase in industry EBITDA for the first quarter of this year, leading to upward revisions in earnings forecasts [1]

Group 1 - Hong Kong gaming stocks experienced a collective surge, with New Macau International Development rising over 6% [1] - Sands China increased by 4%, while Galaxy Entertainment and Wynn Macau both saw a rise of 2.5% [1] - A notable increase was observed in the stocks of Australian Gaming Holdings and MGM China, which both surged by 25% [1]

Core Viewpoint - The Macau gaming stocks experienced a collective rise, with significant increases in share prices, driven by positive forecasts for the upcoming Lunar New Year holiday gaming revenue [1] Group 1: Stock Performance - Melco International Development saw a rise of over 6% [2] - Sands China increased by 4% [2] - Galaxy Entertainment and Wynn Macau both rose by 2.5% [2] - SJM Holdings and MGM China both experienced a 2% increase [2] Group 2: Market Insights - Morgan Stanley's research report indicated that the average daily gaming revenue in Macau during the first five days of last year's Golden Week was approximately 1.1 billion MOP [1] - The hotel occupancy rate during this year's Lunar New Year is expected to be similar to last year, with average daily room rates (ADR) up by about 25% [1] - The forecast for gaming revenue during this year's Lunar New Year holiday is expected to match or exceed last year's Golden Week figures [1] - The firm anticipates a 13% year-on-year growth in total gaming revenue for February [1] - EBITDA for the industry is projected to grow by 16% year-on-year in the first quarter of this year, leading to upward revisions in profit forecasts [1] Group 3: Hotel Industry Outlook - Macau hotel operators report a continuous increase in hotel booking rates and travel agency orders for the Spring Festival period [1] - Hotel occupancy rates during the Spring Festival are expected to exceed 90%, indicating a peak in Macau's tourism market [1]

里昂发表研报指，美高梅中国2025年第四季度的物业EBITDA按年增长29%至27.53亿港元，较该行及市 场预期各高出9%，主要受路凼美狮美高梅(MGM Cotai)高于平均的贵宾厅胜率推动。总博彩收入市场占 有率亦按年扩大0.6个百分点至16.3%。即使剔除因高于平均的VIP胜率所带来的2.33亿港元影响，列账 物业EBITDA利润率仍按年提升0.2个百分点至26.8%。此利润率持续接近公司目标的高20%范围，显示 营运开支及回扣的有效控制。该行维持对美高梅中国的"跑赢大市"评级，目标价为20.9港元。 ...

Core Viewpoint - Citigroup's report indicates that MGM China is expected to achieve a record quarterly EBITDA of HKD 27.53 billion in Q4 2025, with an annual EBITDA exceeding HKD 100 billion and a market share of over 16% by the end of the fiscal year 2025 [1] Group 1 - The EBITDA margin improved from 26.8% in Q4 2024 to 28.6% in Q4 2025, reflecting effective cost control [1] - Management has not observed signs of a pre-festival off-peak period, with optimistic booking trends ahead of the Lunar New Year [1] - The waiting list for high-end hotel product bookings at MGM China is significantly long, indicating strong demand [1] Group 2 - New suite projects expected to open between July 2025 and mid-2026 are anticipated to help the company maintain its market share [1] - Citigroup maintains a "Buy" rating for MGM China with a target price of HKD 18.25 unchanged [1]

Core Viewpoint - CICC maintains its EBITDA forecast for MGM China (02282) for 2026 and 2027, with the current stock price corresponding to 6x 2026e EV/EBITDA. The firm maintains an "outperform" rating and a target price of HKD 16.10, which corresponds to 8x 2026e EV/EBITDA, indicating a 23% upside potential from the current stock price [1] Group 1 - In Q4 2025, adjusted EBITDA exceeded Visible Alpha consensus expectations, with net revenue reaching HKD 9.617 billion, a year-on-year increase of 21% and a quarter-on-quarter increase of 13%, recovering to 169% of Q4 2019 levels [2] - Adjusted EBITDA for Q4 2025 was HKD 2.753 billion, a year-on-year increase of 29% and a quarter-on-quarter increase of 16%, recovering to 177% of Q4 2019 levels, surpassing Visible Alpha's consensus estimate of HKD 2.449 billion [2] - The strong performance of MGM China is attributed to the continued outperformance of its premium business, with MGM Cotai and MGM Macau's total gaming revenue recovering to 214% and 104% of Q4 2019 levels, respectively [2] Group 2 - In Q4 2025, MGM China signed a new long-term brand agreement with MGM Resorts, increasing the brand usage fee from 1.75% to 3.5% of monthly net revenue, effective from 2026 for a 20-year term, with an annual payment cap set to increase gradually [2] - The annual cap for brand usage fees in 2026 is set at USD 188 million, compared to USD 60 million in 2025, with the economic benefits of the new fee structure allocated 66.7% to MGM Resorts and 33.3% to Ms. Pansy Ho [2] - The new brand fee structure is expected to have a significant negative impact on the company's net profit, potentially dragging down CICC's net profit forecast by approximately 14% [2] Group 3 - Management indicated strong hotel booking performance for the 2026 Spring Festival holiday starting February 17, 2026, with stable business performance leading up to the holiday [3]

智通财经APP获悉，中金发布研报称，维持美高梅中国(02282) 2026年及2027年EBITDA预测。公司当前 股价对应6倍2026e EV/EBITDA。该行维持"跑赢行业"评级及16.10港元目标价，对应8倍2026e EV/EBITDA，目标价较当前股价具备23%的上行空间。 中金主要观点如下： 美高梅中国品牌使用费由月度净收入的1.75%上调至3.5%，20年期，自2026年起生效，按月支付，品牌 使用费的年度上限逐年钉定。2026 年美高梅中国的品牌使用费支付上限为 1.88 亿美元（2025年支付上 限为 6,000 万美元）。 新协议下，品牌使用费的经济利益由美高梅度假集团获得 66.7%，何超琼女士获得 33.3%。该行预计， 新的品牌使用费率的定价及年度支付上限或对公司净利润造成较大不利影响（相当于对中金预测净利润 造成约14%的拖累）。 管理层业绩会上表示，2026 年春节假期（ 2026 年 2 月 17 日起）酒店预订表现强劲，春节前业务表现 亦较为稳健。 风险提示： 复苏速度低于预期；行业竞争加剧导致市场份额流失。 4Q25 经调整EBITDA好于Visible Alpha一致预 ...

我们预计，新的品牌使用费率的定价及年度支付上限或对公司净利润造成较大不利影响（相当于对中金 预测净利润造成约14%的拖累）。 管理层业绩会上表示，2026 年春节假期（ 2026 年 2 月 17日起）酒店预订表现强劲，春节前业务表现亦 较为稳健。 机构：中金公司 研究员：吴昇勇/王嘉钰/侯利维 4Q25 经调整EBITDA 好于Visible Alpha 一致预期 美高梅中国公布4Q25 业绩：净收入为96.17 亿港元（同比上升21%，环比上升13%），恢复至4Q19 水 平的169%；经调整EBITDA 为27.53 亿港元（同比上升29%，环比上升16%），恢复至4Q19 水平的 177%，高于Visible Alpha 一致预期的24.49亿港元。我们认为，美高梅中国的表现主要得益于高端业务 持续超预期，美狮美高梅及澳门美高梅总博彩收入分别恢复至4Q19水平的214%和104%。 发展趋势 4Q25，美高梅中国与美高梅度假集团（MGM US）签署新的长期品牌协议1（20 年期，自2026 年起生 效），品牌使用费由月度净收入的1.75%上调至3.5%，按月支付，品牌使用费的年度上限逐年钉定。 202 ...

智通财经APP获悉，花旗发布研报称，维持对美高梅中国(02282)"买入"评级及目标价18.25港元不变。 美高梅中国于2025年第四季度再次实现季度EBITDA创新高，达27.53亿元。公司以全年EBITDA超过 100亿元、市场份额逾16%的纪录完结2025财年。更令人鼓舞的是，其EBITDA利润率由2024年第四季度 的26.8%改善至2025年第四季度的28.6%，反映营运成本控制良好。展望农历新年，管理层表示未见节 前淡季迹象，预订趋势乐观，美高梅中国的高端酒店产品预订等候名单已相当长。预期由2025年7月至 2026年中陆续开业的新套房等项目等，将至少助公司稳守市场份额。 ...