研报掘金丨中金：维持美高梅中国“跑赢行业”评级，上季经调整EBITDA超预期

Core Viewpoint - MGM China is expected to achieve a net revenue of HKD 9.617 billion in Q4 2025, reaching 169% of the level seen in the same period of 2019 [1] Financial Performance - Adjusted EBITDA is projected to be HKD 2.753 billion, exceeding market expectations of HKD 2.449 billion [1] - Total gaming revenue for MGM Cotai and MGM Macau has recovered to 214% and 104% of the levels seen in the same period of 2019, respectively [1] Analyst Ratings - The firm maintains its EBITDA forecasts for MGM China for 2026 and 2027, sustaining an "outperform" rating with a target price of HKD 16.1 [1]