Ge Long Hui·2026-02-09 02:44Core Viewpoint - Citigroup's report indicates that MGM China is expected to achieve a record quarterly EBITDA of HKD 27.53 billion in Q4 2025, with an annual EBITDA exceeding HKD 100 billion and a market share of over 16% by the end of the fiscal year 2025 [1] Group 1 - The EBITDA margin improved from 26.8% in Q4 2024 to 28.6% in Q4 2025, reflecting effective cost control [1] - Management has not observed signs of a pre-festival off-peak period, with optimistic booking trends ahead of the Lunar New Year [1] - The waiting list for high-end hotel product bookings at MGM China is significantly long, indicating strong demand [1] Group 2 - New suite projects expected to open between July 2025 and mid-2026 are anticipated to help the company maintain its market share [1] - Citigroup maintains a "Buy" rating for MGM China with a target price of HKD 18.25 unchanged [1]