Group 1 - The core viewpoint of the report is that MGM China (02282) has its adjusted EBITDA forecasts for 2025 and 2026 raised by 3% to HKD 9.888 billion and HKD 10.271 billion respectively, due to the opening of villa products [1] - The current stock price corresponds to a 7x EV/EBITDA for 2025, and the target price has been raised by 18% to HKD 19.80, indicating a 27% upside potential compared to the current stock price [1] - MGM China's 2Q25 performance showed net revenue of HKD 8.667 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 8%, recovering to 157% of 2Q19 levels [1] Group 2 - The management observed strong performance across all business segments in July 2025, with market share and profit margins remaining stable, and expects continued strong performance during the summer [2] - The strong market share is attributed to the trial operation of the Alpha villa targeting ultra-high-end customers, with the official opening expected before the National Day Golden Week in 2025 [2] - MGM China's total gaming revenue market share reached 16.6% in 2Q25, with a monthly increase, and the market share in June 2025 was approximately 17%, driven by visitor volume and high-end customers [2]

Group 1 - The core viewpoint of the report is that MGM China (02282) is expected to see an increase in adjusted EBITDA forecasts for 2025 and 2026 by 3% to HKD 9.888 billion and HKD 10.271 billion respectively, due to the opening of villa products [1] - The current stock price corresponds to a 7x EV/EBITDA for 2025, and the target price has been raised by 18% to HKD 19.80, indicating a 27% upside potential compared to the current stock price [1] - MGM China's Q2 2025 performance showed net revenue of HKD 8.667 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 8%, recovering to 157% of Q2 2019 levels [1] Group 2 - The adjusted EBITDA for Q2 2025 was HKD 2.511 billion, reflecting a year-on-year increase of 3% and a quarter-on-quarter increase of 6%, recovering to 172% of Q2 2019 levels, outperforming consensus expectations [1] - The strong performance is attributed to the robust results from MGM Macau and MGM Cotai, with total gaming revenue recovering to 100% and 214% of Q2 2019 levels respectively [1] - The total gaming revenue market share increased to 16.5% in Q2 2025, up from 15.6% in Q1 2025 [1] Group 3 - The management observed strong performance across all business segments in July 2025, with stable market share and profit margins, and expects continued strong performance during the summer [2] - The strong market share is primarily driven by the trial operation of the Alpha villa targeting ultra-high-end customers, which is expected to officially open before the National Day Golden Week in 2025 [2] - The total gaming revenue market share reached 16.6% in Q2 2025, with a monthly increase, and approximately 17% in June 2025, driven by visitor volume and high-end customers [2]

花旗表示，美高梅中国业务持续强劲，升目标价至18港元，维持"买入"评级。 ...

（原标题：里昂：料美高梅中国(02282)次季EBITDA高于预期） 智通财经APP获悉，里昂发布研报称，美高梅中国(02282)2025年第二季度物业EBITDA按季增长6%至 25.11亿港元，较市场共识及该行的预测高出5%至6%。此增长主要得益于期内市场整体扩张下，公司收 入市场份额按季提升0.9个百分点至16.6%，5月1日开业的"Alpha Villa"项目贡献显著。该行估计，美高 梅中国路氹贵宾厅异常高的赢率带来EBITDA约8600万港元。整体物业EBITDA利润率微降至29%，但 仍符合公司订立的接近20%的目标区间。 ...

（原标题：花旗：美高梅中国(02282)业务持续强劲 升目标价至18港元 维持"买入"评级） 智通财经APP获悉，花旗发布研报称，将美高梅中国(02282)目标价从17.1港元上调至18港元，并维 持"买入"评级。即使近期股价上涨，花旗认为该股的估值仍具吸引力，现价相当于2026财年EBITDA倍 数为8.3倍(低于平均值一个标准差以上)。以50%的股息支付率计算，该股提供约4%的股息收益率。 美高梅中国在2025年第二季录得历史新高的税息折旧及摊销前利润(EBITDA)，达25.11亿元，市场份额 为16.6%，EBITDA利润率为29%(均符合管理层指引)。花旗认为，这反映了其竞争力及审慎的支出(特 别是在玩家再投资方面)，尽管金沙中国(01928)的伦敦人名汇及银河娱乐(00027)的嘉佩乐酒店(Capella) 推出了新产品。根据美高梅中国管理层表示，业务势头在2025年7月持续强劲，各业务分部均录得强劲 的交易量。鉴于近期稳健的趋势，花旗预计美高梅中国自2025年7月至2026年中开放的新套房和别墅， 将有助于其至少守住其市场份额。 ...

Core Viewpoint - Citigroup's research report indicates that MGM China achieved a record high EBITDA of HKD 25.11 billion in Q2 2025, with a market share of 16.6% and an EBITDA margin of 29%, aligning with management's guidance [1] Group 1: Financial Performance - MGM China's EBITDA reached HKD 25.11 billion in Q2 2025, marking a historical high [1] - The EBITDA margin stood at 29%, consistent with management's expectations [1] - The company maintained a market share of 16.6% during this period [1] Group 2: Competitive Position - Citigroup believes MGM China's performance reflects its competitiveness and prudent spending, particularly in player reinvestment [1] - Despite new product launches from competitors like Sands China's Londoner and Galaxy's Capella hotel, MGM China continues to show strong business momentum [1] Group 3: Future Outlook - Management indicated that business momentum remained strong as of July 2025, with all business segments recording robust transaction volumes [1] - Citigroup anticipates that new suites and villas opening from July 2025 to mid-2026 will help MGM China maintain its market share [1] Group 4: Stock Valuation - Citigroup raised MGM China's target price from HKD 17.1 to HKD 18 while maintaining a "Buy" rating [1] - Despite recent stock price increases, Citigroup considers the stock's valuation attractive, with a 2026 fiscal year EBITDA multiple of 8.3 times, which is more than one standard deviation below the average [1] - The stock offers an approximate 4% dividend yield based on a 50% payout ratio [1]

Group 1 - The core viewpoint of the article highlights the upward trend of Hong Kong gaming stocks, particularly MGM China, which saw a more than 4% increase after its earnings report, reaching a new high for the period [1] - Macquarie has raised its forecast for Macau's total gaming revenue in 2025 by 5% to 235.7 billion, indicating a year-on-year growth of 4% [1] - Following a strong second quarter, Macquarie expects Macau's gaming business to remain robust in the third quarter, supported by the upcoming openings of high-end hotels and elite events [1] Group 2 - Specific stock performance includes MGM China with a 4.1% increase, SJM Holdings up 1.5%, Sands China rising 1.4%, and Galaxy Entertainment gaining 0.5% [1] - MGM China's adjusted EBITDA for the second quarter grew by 2.8% year-on-year to 2.511 billion, with a quarter-on-quarter increase of 6.1%, marking a quarterly record [1] - During the period, MGM China's gaming revenue reached 977 million, reflecting a 10% year-on-year growth, with the overall market share at 16.6%, and specific shares for MGM Macau and MGM Cotai at approximately 6.2% and 10.5% respectively [1]

Core Viewpoint - MGM China Holdings Limited (02282) experienced a stock price increase of over 5%, reaching HKD 16.44 with a trading volume of HKD 81.31 million [1] Financial Performance - For the second quarter ending June 30, total revenue was HKD 8.667 billion, representing a year-on-year growth of 8.89% [1] - For the first half of the year, total revenue reached HKD 16.661 billion, showing a year-on-year increase of 2.73% [1] - The adjusted EBITDA for the second quarter was HKD 2.511 billion, marking a year-on-year increase of 2.79%, achieving a record high [1] - For the first half of the year, adjusted EBITDA was HKD 4.879 billion, reflecting a year-on-year decline of 1.39% [1]

消息面上，美高梅中国公布，根据国际财务报告准则，截至今年6月30日止第2季度，总收益为86.67亿 港元，同比增长8.89%；上半年总收益为166.61亿元，同比增长2.73%。第2季公司的经调整EBITDA为 25.11亿元，同比增长2.79%，创新高；上半年经调整EBITDA为48.79亿元，同比下跌1.39%。 智通财经APP获悉，美高梅中国(02282)涨超5%，截至发稿，涨5.38%，报16.44港元，成交额8131.04万 港元。 ...

Core Viewpoint - MGM China Holdings Limited reported an increase in total revenue and adjusted EBITDA for the three months ending June 30, 2025, compared to the same period last year, indicating a positive growth trend in the company's financial performance [1] Financial Performance Summary - For the three months ending June 30, 2025, total revenue reached HKD 8.667 billion, representing an 8.89% year-on-year increase [1] - Adjusted EBITDA for the same period was HKD 2.511 billion, showing a 2.79% year-on-year increase [1] - For the six months ending June 30, 2025, total revenue was HKD 16.661 billion, which is a 2.73% year-on-year increase [1] - Adjusted EBITDA for the six-month period was HKD 4.879 billion, reflecting a 1.39% year-on-year decrease [1]