Group 1 - The core viewpoint of the report is that MGM China has revaluation potential based on forward-looking indicators such as market share, profit margins, return on capital, and dividend payout growth [1] - MGM China's current price is equivalent to 7.7 times the 2026 EV/EBITDA, which is 15% lower than the industry average [1] - The target EV/EBITDA multiple has been raised from 8.8 times to 10.6 times, which is still 0.5 standard deviations below the long-term average [1] - The target price has been increased from HKD 18.3 to HKD 22.7, while maintaining an "outperform" rating [1]

Core Viewpoint - CICC maintains its total gaming revenue forecast for Macau in 2025 while raising the forecast for 2026, expecting a year-on-year growth of 9% and 5% respectively, recovering to 84% and 88% of 2019 levels [1] Group 1: Revenue Forecasts - Total gaming revenue is expected to grow by 9% in 2025 and 5% in 2026, reaching 84% and 88% of 2019 levels [1] - Mass gaming revenue is projected to increase by 7% and 6% in the next two years, recovering to 119% and 126% of 2019 levels [1] - VIP gaming revenue is anticipated to grow by 19% in 2025 but decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] Group 2: Industry EBITDA - The industry EBITDA for the third quarter is expected to reach $2.108 billion, representing a year-on-year growth of 9% and a quarter-on-quarter increase of 2%, recovering to 91% of the 2019 level [1] - Total gaming revenue remains resilient; however, increased market competition and rising reinvestment rates are expected to pressure EBITDA [1] Group 3: Company Outlook - CICC is optimistic about MGM China (02282) and Sands China (01928), forecasting adjusted EBITDA for the third quarter to be HKD 2.352 billion and USD 590 million, reflecting a year-on-year increase of 19% and 1% respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, both rated as "outperform the industry" [1]

智通财经APP获悉，中金公司发布研报称，维持2025年澳门总博彩收入预测，同时上调2026年预测，预 计今明两年总博彩收入分别同比增长9%和5%，恢复至2019年的84%和88%。其中，该行预计今明两年 的中场博彩收入同比增长7%和6%，恢复至2019年的119%和126%;并预计贵宾博彩收入2025年同比增长 19%，2026年同比下降5%，恢复至2019年的29%和28%。 今年第三季，该行预计行业EBITDA达21.08亿美元，同比增长9%，按季增长2%，恢复至2019年同期水 平的91%。期内总博彩收入维持韧性，但由于市场竞争加剧，再投资率上升，拖累EBITDA。 股份方面，该行较看好美高梅中国(02282)及金沙中国(01928)，料两间博企第三季经调整EBITDA分别为 23.52亿港元及5.90亿美元，同比升19%及1%;目标价分别为19.8港元及23.8港元，均予"跑赢行业"评级。 ...

Core Viewpoint - CICC maintains its 2025 total gaming revenue forecast for Macau while raising the 2026 forecast, expecting total gaming revenue to grow by 9% and 5% year-on-year for the next two years, recovering to 84% and 88% of 2019 levels respectively [1] Industry Summary - The estimated industry EBITDA for Q3 is projected to reach $2.108 billion, reflecting a year-on-year growth of 9% and a quarter-on-quarter growth of 2%, recovering to 91% of the same period in 2019 [1] - Total gaming revenue remains resilient; however, increased market competition and rising reinvestment rates are putting pressure on EBITDA [1] Company Summary - CICC is optimistic about MGM China and Sands China, forecasting adjusted EBITDA for Q3 to be HKD 2.352 billion and $590 million respectively, representing year-on-year increases of 19% and 1% [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, both receiving an "outperform" rating [1]

花旗发表报告，预期澳门娱乐场营运商第三季行业EBITDA按年升约7%，当中，美高梅中国料将录得 13%按年增长。该行相信，美高梅中国EBITDA潜在高于行业的增长可能在公司公布业绩前(10月30日) 转化为正面的股价动力。花旗予其"买入"评级，目标价为19港元，并列入30日正面催化观察名单。 ...

美高梅中国(02282)发布公告，该公司于2025年10月3日注销1321.44万股已回购股份。 ...

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9月30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10月3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 | | 10,000,000,0 ...

智通财经APP讯，美高梅中国(02282)发布公告，该公司于2025年10月3日注销1321.44万股已回购股份。 ...

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10月3日 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 02282 | | 說明 | 普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | ...

自9月25日以来公司已连续2日进行回购，合计回购200.00万股，累计回购金额3171.48万港元。 其间该 股累计上涨1.21%。 今年以来该股累计进行29次回购，合计回购2721.66万股，累计回购金额4.25亿港元。（数据宝） 美高梅中国回购明细 证券时报·数据宝统计，美高梅中国在港交所公告显示，9月26日以每股15.830港元至16.120港元的价格 回购100.00万股，回购金额达1596.49万港元。该股当日收盘价15.880港元，上涨0.89%，全天成交额 9394.73万港元。 | 2025.08.28 | 100.00 | 16.160 | 15.820 | 1595.33 | | --- | --- | --- | --- | --- | | 2025.08.27 | 100.00 | 16.130 | 15.920 | 1601.80 | | 2025.08.26 | 100.00 | 16.290 | 15.950 | 1613.91 | | 2025.08.14 | 100.00 | 16.250 | 16.100 | 1618.07 | | 2025.08.13 | 100.00 ...