花旗：重申美高梅中国“买入”评级 目标价18.25港元

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]