Core Viewpoint - Citibank's report indicates that MGM China (02282) has significant revaluation potential, with its 2026 EV/EBITDA and P/E multiples remaining low among six Macau gaming companies [1] Group 1: Valuation Metrics - MGM China's current price corresponds to 7.7 times the 2026 EV/EBITDA, which is 15% lower than the industry average [1] - Citibank raised the target EV/EBITDA multiple from 8.8 times to 10.6 times, which is still 0.5 standard deviations below the long-term average [1] Group 2: Target Price Adjustment - The target price for MGM China has been increased from HKD 18.3 to HKD 22.7 [1] Group 3: Investment Rating - Citibank maintains an "outperform" rating for MGM China [1]

Core Viewpoint - The report from CICC maintains the 2025 total gaming revenue forecast for Macau while raising the 2026 forecast, expecting total gaming revenue to grow by 9% and 5% in the next two years, recovering to 84% and 88% of 2019 levels respectively [1] Industry Summary - Total gaming revenue is projected to grow by 9% in 2025 and 5% in 2026, reaching 84% and 88% of 2019 levels [1] - Mass gaming revenue is expected to increase by 7% and 6% in 2025 and 2026, recovering to 119% and 126% of 2019 levels [1] - VIP gaming revenue is forecasted to grow by 19% in 2025 but decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] - The industry EBITDA for Q3 is estimated to reach $2.108 billion, reflecting a 9% year-on-year growth and a 2% quarter-on-quarter increase, recovering to 91% of the 2019 Q3 level [1] - Total gaming revenue remains resilient, but increased market competition and rising reinvestment rates are pressuring EBITDA [1] Company Summary - CICC is optimistic about MGM China (02282) and Sands China (01928), projecting adjusted EBITDA for Q3 to be HKD 2.352 billion and USD 590 million, representing year-on-year increases 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 "outperforming the industry" [1]

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]

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% for the next two years, respectively, recovering to 84% and 88% of 2019 levels [1] Industry Summary - Total gaming revenue is projected to grow by 9% in 2025 and 5% in 2026, reaching 84% and 88% of 2019 levels [1] - Mass gaming revenue is expected to increase by 7% and 6% in the next two years, recovering to 119% and 126% of 2019 levels [1] - VIP gaming revenue is forecasted to grow by 19% in 2025 but decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] - The industry EBITDA for Q3 is expected to reach $2.108 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 2%, recovering to 91% of the 2019 level [1] - Total gaming revenue remains resilient, but increased market competition and rising reinvestment rates are dragging down EBITDA [1] Company Summary - CICC is optimistic about MGM China (02282) and Sands China (01928), forecasting adjusted EBITDA for Q3 to be HKD 2.352 billion and USD 590 million, representing year-on-year increases of 19% and 1%, respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, with both receiving an "outperform" rating [1]

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。 ...