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。 ...

Core Viewpoint - Citigroup maintains a "Buy" rating and target price of HKD 18.25 for MGM China (02282), highlighting strong financial performance and optimistic outlook for the company [1] Financial Performance - MGM China achieved a record quarterly EBITDA of HKD 2.753 billion in Q4 2025, contributing to an annual EBITDA exceeding HKD 10 billion [1] - The company's market share surpassed 16% by the end of the 2025 fiscal year [1] - EBITDA margin improved from 26.8% in Q4 2024 to 28.6% in Q4 2025, indicating effective cost control [1] Market Outlook - Management reports no signs of a pre-holiday slowdown ahead of the Lunar New Year, with optimistic booking trends [1] - There is a long waiting list for bookings in MGM China's high-end hotel products [1] - Upcoming new suite projects expected to open between July 2025 and mid-2026 are anticipated to help maintain market share [1]

Core Viewpoint - MGM China Holdings Limited (02282) is projected to achieve a 29% year-on-year increase in property EBITDA to HKD 2.753 billion in Q4 2025, exceeding both the bank's and market expectations by 9% due to higher-than-average VIP win rates at MGM Cotai [1] Group 1: Financial Performance - The net revenue for MGM China in the last quarter increased by 21% year-on-year to HKD 9.617 billion, surpassing the bank's forecast by 2% [1] - The total gaming revenue market share for MGM China is estimated to be 16.3%, reflecting a year-on-year increase of 0.6 percentage points [1] - The property EBITDA margin improved by 0.2 percentage points year-on-year to 26.8%, approaching the company's target range of high 20% [1] Group 2: Operational Insights - The higher-than-average VIP win rate at MGM Cotai contributed HKD 233 million to the property EBITDA, indicating that the normalized EBITDA, excluding this impact, would be HKD 2.520 billion, aligning with expectations [1] - MGM China is currently trading at a forecasted enterprise value multiple of 7.2 times, maintaining an "outperform" rating with a target price of HKD 20.9 [1]

Core Viewpoint - MGM China (02282) is expected to see a 29% year-on-year increase in property EBITDA to HKD 2.753 billion in Q4 2025, exceeding both the bank's and market expectations by 9% due to higher-than-average VIP win rates at MGM Cotai [1] Group 1: Financial Performance - The total gaming revenue market share for MGM China increased by 0.6 percentage points year-on-year to 16.3% [1] - Net revenue for MGM China grew by 21% year-on-year to HKD 9.617 billion, surpassing the bank's forecast by 2% [1] - The estimated EBITDA contribution from the above-average VIP win rate at MGM Cotai was HKD 233 million, indicating that the normalized EBITDA would be HKD 2.520 billion when excluding this impact [1] Group 2: Operational Efficiency - The property EBITDA margin improved by 0.2 percentage points year-on-year to 26.8%, approaching the company's target range of high 20% [1] - Effective control of operating expenses and rebates is reflected in the sustained EBITDA margin [1] Group 3: Valuation and Rating - MGM China is currently trading at a forecasted enterprise value multiple of 7.2 times, maintaining an "outperform" rating with a target price of HKD 20.9 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MGM CHINA HOLDINGS LIMITED 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 ） （股份代號：2282及債務股份代號：6028, 40634, 5036） 內幕消息 我們的控股股東美高梅國際酒店集團第四季度及 截至2025年12月31日止年度的未經審核業績 本公告乃根據證券及期貨條例（第571章）第XIVA部內幕消息條文及香港聯合交易所 有限公司證券上市規則第13.09及37.47B條刊發。 我們的控股股東美高梅國際酒店集團已於2026年2月5日（紐約時間下午4時15分）或 前後公佈其第四季度及截至2025年12月31日止年度的未經審核業績，其中包括根據 美國公認會計原則編製及呈列的美高梅中國控股有限公司財務資料。 本公告乃美高梅中國控股有限公司（「美高梅中國」或「本公司」）根據證券及期貨條例（第 571章）第XIVA部內幕消 ...

Group 1 - MGM China (2282.HK) resumed trading in the afternoon and saw a rise of over 4%, reaching HKD 13.49 [1]

Core Viewpoint - MGM China Holdings Limited (2282.HK) experienced a significant stock price increase, rising over 4% to HKD 13.49 following the release of its financial results for the last quarter of the previous year [1] Financial Performance - For the three months ending December 31, the company reported a net revenue of USD 1.236 billion, representing a year-on-year increase of 21.37% [1] - The adjusted EBITDAR for the same period was USD 332 million, which is a 30.46% increase compared to the previous year [1] - For the full year, MGM China's net revenue reached USD 4.462 billion, marking a year-on-year growth of 10.92% [1] - The adjusted EBITDAR for the entire year was USD 1.203 billion, reflecting a year-on-year increase of 10.68% [1]

每经AI快讯，美高梅中国(02282.HK)午后复牌一度涨超4%，截至发稿涨3.87%，报13.42港元，成交额 5899.56万港元。 ...

消息面上，美高梅中国午间公布，根据大股东美高梅国际酒店集团刊发的初步未经审核财务资料，截至 2025年12月31日止年度，美高梅中国实现收益净额约44.62亿美元，同比增长10.92%；分部经调整 EBITDAR为12.03亿美元，同比增长10.68%。截至2025年12月31日止三个月实现收益净额约12.36亿美 元，同比增长21.37%；分部经调整EBITDAR为3.32亿美元，同比增长30.46%。 美高梅中国(02282)午后复牌涨超4%，截至发稿，涨3.87%，报13.42港元，成交额5899.56万港元。 ...

Core Viewpoint - MGM China Holdings Limited reported a strong financial performance for the year ending December 31, 2025, with significant year-on-year growth in revenue and adjusted EBITDAR [1] Financial Performance - For the fiscal year ending December 31, 2025, MGM China achieved a net revenue of approximately $4.462 billion, representing a year-on-year increase of 10.92% [1] - The adjusted EBITDAR for the same period was $1.203 billion, reflecting a growth of 10.68% year-on-year [1] - In the three months ending December 31, 2025, the company reported a net revenue of approximately $1.236 billion, which is a year-on-year increase of 21.37% [1] - The adjusted EBITDAR for this three-month period was $332 million, showing a significant year-on-year growth of 30.46% [1]