Core Viewpoint - Southbound funds reduced their holdings in Melco International Development (00200.HK) by 69,000 shares on March 19, while experiencing net increases in holdings for 4 out of the last 5 trading days, totaling a net increase of 2.362 million shares [1] Group 1: Southbound Fund Activity - Over the last 20 trading days, Melco International Development saw net increases in holdings for 14 days, with a total net increase of 8.1723 million shares [1] - Currently, southbound funds hold 156 million shares of Melco International Development, representing 6.85% of the company's total issued ordinary shares [1] Group 2: Company Overview - Melco International Development Limited is primarily engaged in the investment holding of entertainment and hotel businesses [1] - The company operates through two segments: the entertainment and hotel segment, which includes casino operations and hotel services, and the other segment, which focuses on investment activities [1]

Core Viewpoint - Southbound funds have significantly increased their holdings in Melco International Development (00200.HK), indicating growing investor interest in the company [1] Group 1: Southbound Fund Activity - On March 16, southbound funds increased their holdings by 862,000 shares in Melco International Development [1] - Over the past 5 trading days, there have been 5 days of net increases, totaling 5.202 million shares [1] - In the last 20 trading days, there were 13 days of net increases, amounting to 8.1048 million shares [1] - Currently, southbound funds hold 155 million shares of Melco International Development, representing 6.81% of the company's issued ordinary shares [1] Group 2: Company Overview - Melco International Development Limited is primarily engaged in the investment holding of entertainment and hotel businesses [1] - The company operates through two segments: the entertainment and hotel segment, which includes casinos and hotel services, and the other segment, which focuses on investment activities [1]

Group 1 - The core viewpoint of the article highlights the recent trading activity of Southbound funds in New World Development (00200.HK), indicating a net increase in holdings despite some days of reduction [1] - Over the past five trading days, Southbound funds have reduced their holdings on three occasions, resulting in a total net reduction of 2.21 million shares [1] - In the last twenty trading days, there have been eleven days of net increases in Southbound fund holdings, totaling an increase of 4.92 million shares [1] Group 2 - As of now, Southbound funds hold 151 million shares of New World Development, which represents 6.64% of the company's total issued ordinary shares [1] - New World Development Limited primarily engages in entertainment and hotel operations, functioning through two segments: the entertainment and hotel segment, and the investment segment [1] - The entertainment and hotel segment operates casinos and provides hotel services and facilities, including gaming, accommodation, dining, entertainment performances, shopping, and conference exhibition services [1]

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Melco International Development (00200.HK) by 368,000 shares on March 3, with a total net increase of 1,052,500 shares over the last five trading days [1] - Over the past 20 trading days, there have been 11 days of net increases in holdings by southbound funds, totaling 6,051,000 shares [1] - As of now, southbound funds hold 151 million shares of Melco International Development, representing 6.63% of the company's total issued ordinary shares [1] Group 2 - Melco International Development Limited primarily engages in entertainment and hotel businesses as an investment holding company [1] - The company operates through two segments: the entertainment and hotel segment, which includes casino operations and hotel services, and the other segment, which focuses on investment activities [1]

Financial Data and Key Metrics Changes - The company recorded $1.4 billion in group property EBITDA for the full year of 2025, growing by 17% compared to 2024 [4] - Group-wide adjusted property EBITDA for Q4 2025 grew 12% year-over-year to approximately $331 million [8] - Macau property EBITDA grew 24% year-over-year in Q4 2025 and 25% for the full year compared to 2024 [4] Business Line Data and Key Metrics Changes - In Macau, the dedicated efforts to enhance customer experience led to significant EBITDA growth [4] - City of Dreams Mediterranean and satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA to $21 million for Q4 2025 [7] - The Philippines faced competitive pressures and industry headwinds, impacting performance, but positive developments were noted [5] Market Data and Key Metrics Changes - Macau market GGR increased by 24% year-over-year, with market share also rising in early 2026 [4] - The Philippines market is seeing improvements with visa-free travel for Chinese nationals and upgrades to the Manila Airport [5] Company Strategy and Development Direction - The company plans to implement new initiatives in 2026, including the opening of the renovated Countdown Hotel, expected to set a new benchmark in Macau [5] - A revamp of the retail area at COD and upgrades to food and beverage offerings are also in the pipeline [5] - The company has concluded evaluations of strategic alternatives for COD Manila, indicating confidence in future business recovery [6] Management Comments on Operating Environment and Future Outlook - Management noted that competition in Macau remains intense but is expected to stabilize [24][28] - The company is confident in maintaining EBITDA margins due to disciplined cost management throughout 2025 [29] - Positive sentiment was expressed regarding the potential for business rebound in the Philippines and Cyprus [6][7] Other Important Information - The company had available liquidity of approximately $2.4 billion and consolidated cash on hand of approximately $1.2 billion as of the end of 2025 [9] - Total CapEx for 2026 is projected at $450 million, with significant investments in Macau [35] Q&A Session Summary Question: Impact of House of Dancing Water on traffic and conversion - Management noted a meaningful uptick in property visitation since reopening the show, driving additional spending across non-gaming areas [16][17] Question: Competitive intensity in Macau and EBITDA margin expectations - Management acknowledged intense competition but expressed confidence in maintaining margins due to disciplined reinvestment strategies [22][24][29] Question: Clarification on operating expenses and non-recurring items - Additional bad debt for the quarter was approximately $5 million, with $6 million related to the anniversary events [33] Question: CapEx breakdown for major projects - Total CapEx for the year is $450 million, with significant allocations for the Countdown Hotel and other properties [35]

Investment Rating - The report does not explicitly provide an investment rating for MGM China [5]. Core Insights - The report aligns with the views of Citic Lyon Research, indicating that MGM International's recent management comments justify the higher licensing and brand fees charged to MGM China, although prior communications could have been handled better [5]. - The market is now focused on whether MGM China will increase its dividend payout ratio to offset the impact of rising costs on profitability, which Citic Lyon believes is a manageable threshold [5][8]. - The significant increase in licensing and brand fee revenue is attributed to MGM China's improved market share and Ebitdar, with total gaming revenue expected to grow 1.7 times to 16.2% and Ebitdar by 1.6 times to $1.203 billion by 2025 [6]. Summary by Sections Licensing Fee Debate - The report discusses the rationale behind MGM International's decision to charge higher fees to MGM China, supported by reverse engineering analysis [5][7]. Dividend Payout Focus - Investors are expected to closely monitor the potential increase in the dividend payout ratio from 50% to above 53% to mitigate the effects of higher fees [8]. Catalysts for Growth - Continuous growth in the mid-market gaming segment, expansion of dividend payout ratios, and supportive Chinese policies are seen as factors driving profit recovery [9]. Company Overview - MGM China operates two casinos in Macau, focusing on high-quality mid-market strategies, with approximately 750 gaming tables, 1,920 slot machines, and 2,003 hotel rooms/suites [11]. Financial Metrics - As of February 9, 2026, MGM China's stock price is HKD 13.14, with a market capitalization of $6.39 billion and a consensus target price of HKD 18.17 [14].

Core Viewpoint - Southbound funds have increased their holdings in Melco International Development (00200.HK) by 641,000 shares on February 6, 2026, marking a positive trend in investment interest over recent trading days [1] Group 1: Shareholding Changes - In the last five trading days, Melco International Development has seen an increase in holdings for four days, with a total net increase of 2.027 million shares [1] - Over the past 20 trading days, there have been 10 days of net increases, totaling 306,000 shares [1] - As of now, southbound funds hold 14.7 million shares of Melco International Development, accounting for 6.46% of the company's total issued ordinary shares [1] Group 2: Daily Shareholding Data - On February 6, 2026, the total shareholding was 14.7 million shares, with a change of 641,000 shares, reflecting a 0.44% increase [2] - On February 5, 2026, the total shareholding was 14.6 million shares, with a change of 1.147 million shares, reflecting a 0.79% increase [2] - On February 4, 2026, the total shareholding was 14.5 million shares, with a change of 172,000 shares, reflecting a 0.12% increase [2] - On February 3, 2026, the total shareholding was 14.5 million shares, with a change of -248,000 shares, reflecting a -0.17% decrease [2] - On February 2, 2026, the total shareholding was 14.5 million shares, with a change of 315,000 shares, reflecting a 0.22% increase [2] Group 3: Company Overview - Melco International Development Limited is primarily engaged in the business of entertainment and hotel operations, functioning through two segments [2] - The entertainment and hotel segment operates casinos and provides hotel services and facilities, including gaming, accommodation, dining, entertainment performances, shopping, and conference exhibition services [2] - The other segment is involved in investment activities [2]

Group 1 - The core point of the article is that Southbound funds have reduced their holdings in Melco International Development (00200.HK) by 326,000 shares on January 29, 2026, while there have been net increases in holdings on 3 out of the last 5 trading days, totaling 1.734 million shares [1] - Over the past 20 trading days, Southbound funds have increased their holdings on 11 days, with a total net increase of 537,000 shares [1] - As of now, Southbound funds hold 14.5 million shares of Melco International Development, accounting for 6.38% of the company's total issued ordinary shares [1] Group 2 - On January 29, 2026, the total number of shares held was 145 million, with a decrease of 326,000 shares, representing a change of -0.22% [2] - On January 28, 2026, the total number of shares held was 146 million, with a decrease of 584,000 shares, representing a change of -0.40% [2] - The company operates primarily in the entertainment and hotel business, providing services such as gaming, accommodation, dining, entertainment performances, shopping, and conference exhibitions through its integrated resort business [2]

Group 1 - The core point of the news is that Southbound funds have increased their holdings in Melco International Development (00200.HK) by 1.57 million shares on December 17, 2025, marking a net increase of 2.67 million shares over the past five trading days and 6.57 million shares over the last 20 trading days [1][2] - As of now, Southbound funds hold 14.5 million shares of Melco International Development, which accounts for 6.35% of the company's total issued ordinary shares [1][2] - The company primarily engages in entertainment and hotel operations, providing services such as gaming, accommodation, dining, entertainment performances, shopping, and conference exhibitions through its integrated resort business [2]

Group 1 - The core point of the news is that southbound funds have reduced their holdings in Melco International Development (00200.HK) by 420,000 shares on November 14, 2025, while there have been net increases in holdings on 3 out of the last 5 trading days, totaling 1,553,000 shares [1][2] - Over the past 20 trading days, southbound funds have increased their holdings on 12 days, with a total net increase of 6,792,000 shares [1][2] - As of now, southbound funds hold 135 million shares of Melco International Development, accounting for 5.94% of the company's total issued ordinary shares [1][2] Group 2 - The trading data shows that on November 14, 2025, the total number of shares held was 135 million, with a decrease of 420,000 shares, representing a change of -0.31% [2] - The previous trading days indicate a slight decrease of 53,000 shares on November 13, an increase of 299,000 shares on November 12, an increase of 935,000 shares on November 11, and an increase of 792,000 shares on November 10 [2] - Melco International Development operates primarily in the entertainment and hotel business, providing services such as gaming, accommodation, dining, entertainment performances, shopping, and conference exhibitions [2]