智通财经网·2026-02-09 10:01Core Viewpoint - Macquarie has raised its adjusted EBITDA forecasts for MGM China (02282) for 2025 to 2027 by 3.1%, 1%, and 0.7% respectively, reflecting better-than-expected Q4 performance [1] Financial Performance - MGM China's Q4 performance exceeded expectations with net revenue increasing by 21% year-on-year and 13% quarter-on-quarter to HKD 9.62 billion, which is 6% higher than Macquarie's forecast [1] - Total gaming revenue reached HKD 10.5 billion, up 21% year-on-year and 11% quarter-on-quarter, exceeding Macquarie's prediction by 3.1% [1] - VIP gaming revenue grew by 40% year-on-year, while mass market revenue increased by 20%, indicating strong growth in both segments [1] - Adjusted EBITDA reached a record high of HKD 2.75 billion, representing a 29% year-on-year increase and a 16% quarter-on-quarter growth, surpassing market expectations by 11% [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 indicated strong hotel booking conditions ahead of the Lunar New Year [1] Dividend Policy - Macquarie assumes a dividend payout ratio of 50% for MGM China, consistent with the company's updated dividend policy, estimating a leading industry dividend yield of over 5% [1]