Ge Long Hui·2026-02-09 08:10Core Viewpoint - Macquarie's report indicates that MGM China exceeded expectations in its Q4 performance, with net revenue increasing by 21% year-on-year and 13% quarter-on-quarter to HKD 9.62 billion, surpassing the firm's forecast by 6% [1] Financial Performance - Total gaming revenue rose by 21% year-on-year and 11% quarter-on-quarter to HKD 10.5 billion, exceeding the firm's prediction by 3.1% [1] - Adjusted EBITDA reached a quarterly record high, increasing by 29% year-on-year and 16% quarter-on-quarter to HKD 2.75 billion, which is 11% above market expectations [1] Strategic Initiatives - MGM China plans to upgrade its hotel rooms this year, which is expected to enhance its high-end appeal and increase market share [1] - Management reported strong hotel booking conditions ahead of the Lunar New Year [1] Forecast Adjustments - The firm has raised its adjusted EBITDA forecasts for MGM China for 2025 to 2027 by 3.1%, 1%, and 0.7% respectively, primarily reflecting the better-than-expected Q4 performance [1] - Target price has been slightly increased from HKD 21.3 to HKD 21.6, maintaining an "outperform" rating [1]