MGM CHINA(02282.HK)：SOLID 2Q25 RESULTS

机构：申万宏源研究 研究员：贾梦迪 MGM China reported 2Q25 net revenue of HK$8.7bn (+9% YoY, +8% QoQ) and adjusted Ebitda of HK$2.5bn (+3% YoY, +6% QoQ), setting a new single-quarter record, which was 72% higher than that in 2019. The results exceeded expectations, mainly due to the better-than-expected increase in market share. We raise 2025E EPS forecast from HK$1.19 to HK$1.25, 2026E forecast from HK$1.28 to HK$1.38, and introduce 2027E forecast of HK$1.43. We raise target price from HK$15.5 to HK$19, with 22% upside pot ...