Ge Long Hui·2026-02-09 05:31Core Viewpoint - UBS reports that MGM China’s adjusted property EBITDA for Q4 2025 is projected to be $353 million, representing a year-on-year growth of 29% and a quarter-on-quarter increase of approximately 16% [1] Group 1: Financial Performance - Adjusted VIP room win rate leads to an EBITDA of $322 million, aligning with market expectations [1] - The management expresses optimism regarding the Lunar New Year holiday, with encouraging booking trends observed [1] Group 2: Market Environment - The competitive landscape within the industry remains stable, with no signs of the typical seasonal slowdown before the Lunar New Year [1] - Due to limited room supply, the management will continue to focus on revenue management strategies [1] Group 3: Investment Rating - UBS maintains a target price of HKD 18.5 for MGM China, with a "Buy" rating [1]