Zhi Tong Cai Jing·2026-02-09 08:26Core Viewpoint - UBS reports that MGM China (02282) is expected to achieve an adjusted property EBITDA of $353 million in Q4 2025, representing a year-on-year increase of 29% and a quarter-on-quarter rise of approximately 16% [1] Financial Performance - Adjusted EBITDA, after accounting for VIP room win rates, is projected to be $322 million, aligning with market expectations [1] - UBS maintains a target price of HKD 18.5 for MGM China, with a "Buy" rating [1] Management Insights - MGM China's management indicates that the competitive environment remains stable and expresses optimism regarding the Lunar New Year holiday, noting that booking trends are "extremely encouraging" [1] - Management reports no signs of the typical seasonal slowdown before the Lunar New Year this year [1] - Due to limited room supply, management will continue to focus on revenue management strategies [1]