FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美高梅中國控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02282 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000, ...

Group 1 - Morgan Stanley reports that Macau's gaming revenue is expected to increase by 16% year-on-year in October 2025, outperforming market expectations [1] - The report indicates that MGM China (02282) is likely to outperform the market index in the next 60 days, with a probability exceeding 80% [1] - MGM China's market share increase in October is expected to boost its EBITDA estimates for the fourth quarter [1] Group 2 - Morgan Stanley sets a target price of HKD 18 for MGM China and maintains an "Overweight" rating on the stock [1]

Core Viewpoint - Morgan Stanley's report indicates that Macau's gaming revenue is expected to increase by 16% year-on-year in October 2025, outperforming market expectations, which is likely to positively impact MGM China Holdings Limited's stock performance in the next 60 days, with an estimated probability exceeding 80% [1] Company Summary - MGM China's market share has improved in October, contributing to a positive outlook for its EBITDA estimates for the fourth quarter [1] - Morgan Stanley has set a target price of HKD 18 for MGM China and maintains an "Overweight" rating on the stock [1]

Core Viewpoint - Morgan Stanley's technical research report indicates that Macau's gaming revenue is expected to increase by 16% year-on-year in October 2025, outperforming market expectations, which is likely to positively impact MGM China’s stock performance in the next 60 days with a probability exceeding 80% [1] Group 1: Company Performance - MGM China's market share increase in October is expected to boost its EBITDA estimates for the fourth quarter [1] - Morgan Stanley sets a target price of HKD 18 for MGM China, with a rating of "Overweight" [1]

Group 1 - MGM China Holdings Limited (02282.HK) saw a stock price increase of over 4%, currently trading at 15.45 HKD, with a trading volume of 19.9068 million HKD [1]

中金发布研报称，美高梅中国25Q3业绩好于市场一致预期；受到高端需求驱动，公司业务表现强劲， 美狮美高梅和澳门美高梅总博彩收入分别恢复至3Q19的170%和104%。该行指出，鉴于2025年10月博彩 收入市场份额的强劲表现，管理层预计美高梅中国将实现超1亿美元的EBITDA，有望创下单月收入和 EBITDA数据的历史新高。 消息面上，近日，美高梅中国公布2025年第三季度业绩，总收益约85.1亿港元，同比增长17.39%，主要 由于主场地赌枱投注额增加所致。总经调整EBITDA为约23.73亿港元，同比增长19.6%。 美高梅中国(02282)涨超4%，截至发稿，涨3.83%，报15.45港元，成交额1990.68万港元。 ...

Core Viewpoint - MGM China reported strong Q3 2025 results, driven by increased gaming table bets, with total revenue reaching approximately HKD 8.51 billion, a year-on-year increase of 17.39% [1] Financial Performance - Total revenue for Q3 2025 was approximately HKD 8.51 billion, reflecting a year-on-year growth of 17.39% [1] - Adjusted EBITDA was around HKD 2.373 billion, showing a year-on-year increase of 19.6% [1] Market Position and Outlook - CICC's report indicates that MGM China's Q3 2025 performance exceeded market consensus expectations, driven by high-end demand [1] - The total gaming revenue for MGM Cotai and MGM Macau has recovered to 170% and 104% of Q3 2019 levels, respectively [1] - Management anticipates that MGM China will achieve over USD 100 million in EBITDA by October 2025, potentially setting historical highs for monthly revenue and EBITDA figures [1]

Core Viewpoint - MGM China reported strong financial results for Q3 2025, with significant year-over-year growth in net revenue and adjusted EBITDA, indicating a robust recovery in the gaming sector [1][2]. Financial Performance - Q3 2025 net revenue reached HK$8.5 billion, reflecting a 17% increase year-over-year and a 53% increase compared to Q3 2019 [1]. - Adjusted EBITDA for the same period was HK$2.37 billion, marking a 20% year-over-year growth [1]. - Total gross gaming revenue (GGR) increased by 20% year-over-year, and was up 36% compared to Q3 2019 [2]. - Mass GGR saw a remarkable growth of 101%, while slot machine GGR grew by 36%, and VIP GGR recovered by 43% compared to Q3 2019 [2]. Market Position - MGM China's market share in Q3 was reported at 15.5%, which improved to 16.5% during the October Golden Week [2]. Future Projects - The Alpha Gaming Club at MGM Macau opened at the end of September, featuring nearly 30 gaming tables [3]. - A project to convert 160 standard rooms into 60 suites at MGM Cotai is expected to be completed in the first half of 2026 [3]. - The company plans to continue focusing on the premium mass business as part of its strategic direction [3]. Investment Outlook - The company maintains a target price of HK$19, indicating a 26% upside potential, and continues to hold a Buy rating [1][3].

Core Viewpoint - MGM China reported better-than-expected performance for Q3 2025, with net revenue of HKD 8.51 billion, a year-on-year increase of 17% and a quarter-on-quarter decrease of 2%, recovering to 147% of Q3 2019 levels [1] Financial Performance - Adjusted EBITDA for Q3 2025 was HKD 2.373 billion, up 20% year-on-year and down 6% quarter-on-quarter, recovering to 153% of Q3 2019 levels, exceeding Bloomberg consensus estimate of HKD 2.304 billion [1] - Total gaming revenue for MGM Cotai and MGM Macau reached 170% and 104% of Q3 2019 levels, respectively, driven by high-end demand [1] Development Trends - Management noted strong performance during the Golden Week, with total gaming revenue achieving year-on-year growth and a market share of 16.5% in October, outperforming the industry [1] - Management expects MGM China to achieve over USD 100 million in EBITDA by October 2025, potentially setting historical highs for monthly revenue and EBITDA [1] - Despite increasing industry competition, management remains confident in maintaining market share through high-quality products and services [1] - The Alpha gaming area opened at MGM Macau at the end of Q3 2025, featuring 30 gaming tables, Alpha villas, and a cigar bar [1] - MGM Cotai has begun renovation projects to convert 160 standard rooms into 60 suites, primarily two-bedroom suites, expected to be completed in the first half of 2026 to meet evolving customer preferences [1] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 6 times the 2026 projected EV/EBITDA [2] - The company maintains an "outperform" rating and a target price of HKD 19.80, corresponding to 8 times the 2026 projected EV/EBITDA, indicating a 31% upside from the current stock price [2]

Core Viewpoint - MGM China Holdings Limited reported its unaudited financial results for the third quarter ending September 30, 2025, showing significant growth in revenue and adjusted EBITDA compared to the previous year [1] Financial Performance - Total revenue for the third quarter was approximately HKD 8.51 billion, representing a year-on-year increase of 17.39% [1] - Adjusted EBITDA for the third quarter was approximately HKD 2.373 billion, reflecting a year-on-year growth of 19.6% [1] - Net income for the third quarter was approximately USD 1.088 billion, marking a year-on-year increase of 17.03% [1] Segment Performance - Revenue from MGM Macau was approximately HKD 3.394 billion, with a year-on-year increase of 11.64% [1] - The occupancy rate for MGM Macau was 92.6%, a decrease of 2.4 percentage points year-on-year [1] - RevPAR (Revenue per Available Room) for MGM Macau was HKD 2,481, a decrease of 1.12% year-on-year [1] - Revenue from MGM Cotai was approximately HKD 5.115 billion, showing a year-on-year increase of 21.54% [1] - The occupancy rate for MGM Cotai was 94%, an increase of 0.1 percentage points year-on-year [1] - RevPAR for MGM Cotai was HKD 2,111, a decrease of 1.49% year-on-year [1]