Zhi Tong Cai Jing·2025-11-10 06:15Core Viewpoint - The report from Industrial Securities maintains a "Buy" rating for MGM China (02282), highlighting the company's strong market share and performance despite challenges in Q3 2025 due to high base effects and typhoon impacts [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of HKD 8.51 billion, representing a year-on-year increase of 17.4% but a quarter-on-quarter decrease of 1.8% [2] - The adjusted EBITDA for Q3 2025 was HKD 2.37 billion, showing a year-on-year growth of 19.6% but a quarter-on-quarter decline of 5.5% [2] - For the first three quarters of 2025, total revenue reached HKD 25.17 billion, with a year-on-year growth of 7.3%, and adjusted EBITDA was HKD 7.25 billion, reflecting a year-on-year increase of 4.6% [2] Group 2: Market Share and Strategy - The company's market share reached a high level in Q2, and there was a notable recovery in market share during October, particularly during the Golden Week [1] - The company is expected to continue benefiting from its mid-to-high-end customer acquisition strategy and operational capabilities [1] - Revenue projections for 2025, 2026, and 2027 are estimated at HKD 34.2 billion, HKD 35.2 billion, and HKD 36.2 billion, respectively, with year-on-year growth rates of 9.0%, 2.9%, and 2.9% [1]