智通财经网·2026-02-09 08:23Core Viewpoint - UBS reports that MGM China (02282) is expected to achieve an adjusted property EBITDA of USD 353 million in Q4 2025, representing a year-on-year increase of 29% and a quarter-on-quarter rise of approximately 16% [1] Group 1: Financial Performance - The adjusted EBITDA, after accounting for VIP room win rates, is projected to be USD 322 million, aligning with market expectations [1] - UBS maintains a target price of HKD 18.5 for MGM China, with a "Buy" rating [1] Group 2: Management Insights - MGM China's management indicates that the competitive environment remains stable and expresses optimism regarding the Lunar New Year holiday, citing "extremely encouraging" booking trends [1] - Management notes the absence of typical seasonal downturns before the Lunar New Year this year, which is a departure from previous years [1] - Due to limited room supply, management will continue to focus on revenue management strategies [1]