Core Viewpoint - MGM Resorts International, with a market cap of $9.2 billion, operates casino resorts and digital gaming platforms globally, but its stock has underperformed compared to broader market indices over the past year [1][2]. Financial Performance - MGM reported Q3 2025 revenue of $4.25 billion, exceeding expectations, but shares fell 1.6% due to adjusted EPS of $0.24 missing Wall Street forecasts and declining from $0.54 a year earlier [6]. - The company experienced a net loss of $285 million, primarily due to a $256 million non-cash goodwill impairment and approximately $93 million in other write-offs related to Empire City [6]. - Las Vegas Strip Resorts saw net revenues decrease by 7% year-over-year to $2 billion, with Segment Adjusted EBITDAR falling 18% to $601 million, overshadowing gains in MGM China and BetMGM [6]. Stock Performance - Over the past 52 weeks, MGM's stock has decreased while the S&P 500 Index increased by 16.5%, and year-to-date, shares are down 7.2% compared to a 2% rise in the S&P 500 [2]. - MGM's shares have also underperformed against the State Street Consumer Discretionary Select Sector SPDR ETF, which returned 7.1% over the same period [3]. Analyst Ratings - For the fiscal year ending December 2025, analysts project MGM's adjusted EPS to decline by 7.7% year-over-year to $2.39 [7]. - Among 21 analysts covering MGM, the consensus rating is a "Moderate Buy," consisting of eight "Strong Buy" ratings, 10 "Holds," and three "Strong Sells" [7]. - Goldman Sachs analyst Lizzie Dove raised the price target on MGM Resorts to $33 while maintaining a "Sell" rating [8].

Report Industry Investment Rating - Maintain a buy rating on FUTLAN/FTLNHDs [2] Core Viewpoints - China's export growth is expected to decelerate from 5.9% in 2024 to 2% in 2025, while import growth may mildly slow down from 1.1% to 0.5%. The USD/RMB rate may appreciate from the current 7.15 to 7.1 by year-end [2][14] - Seazen shows improving access to the CBICL-guaranteed bond market, with lengthened tenors and lower funding costs, and has relieved near-term refinancing pressure [7][8] Summary by Directory Trading Desk Comments - Yesterday, NWDEVL 27 - 31s and NWDEVL Perps rose 1.8 - 4.5pts and 1 - 1.5pts respectively on rumors and reports. CNH SWIPROs were largely unchanged. Swire Pacific 1H25 revenue rose 15.7% yoy to HKD45.77bn, while operating profit was down 62.4% yoy to HKD1.86bn. In Chinese properties, LNGFOR 27 - 32s/ROADKG 28 - 30s were 0.2pt lower to 0.1pt higher. Longfor begins phased early repayment of offshore syndicated loan. ROADKG failed to obtain bondholder consent. China IG was 0 - 2bps tighter. In Macau gaming, related bonds were 0.1pt lower to 0.1pt higher. Wynn Macau 2Q25 operating revenue was flat yoy, while MGM China 1H25 adjusted EBITDA slipped 1.4% yoy. TW lifers were 1 - 3bps wider. Japanese AT1s and insurance hybrids edged up c0.25pt, SOFTBKs were up 0.1 - 0.7pt. SoftBank Group 1Q26 net sales rose 7% yoy to JPY1.82tn. Korea space was largely unchanged, except HYNMTR 30s tightened 1bp [1] - This morning, the new CNH paper XYDXIV moved 0.5pt higher, while other CNH new issues remained largely unchanged. MTRC Perps were up c0.1pt. China IGs and Thailand BBLTB tightened 1 - 2bps, while LGENSOs widened 1 - 2bps [2] - Yankee AT1s continued to move up slowly. In SEA, VEDLN 28 - 33s were unchanged to 0.2pt higher. KBANK 31s were 2bps tighter and BBLTB unchanged. PETMKs were unchanged to 2bps wider [3] FUTLAN/FTLNHDs - The 8th tranche of CBICL - guaranteed bond. Maintain buy on FUTLAN/FTLNHDs. FTLNHD 4 5/8 10/15/25 was 0.2pt higher this morning [2] - Provide details of FUTLAN/FTLNHDs including Amt o/s, Maturity, Coupon, Offer price, and YTM [6] Seazen - On 4 Aug'25, Seazen issued the 8th tranche of CBILC - guaranteed bond with an issue size of RMB1bn, 5 - year tenor, and a coupon rate of 2.68%. The tenor has lengthened from 3 - year to 5 - year and the funding cost has trended lower. Proceeds will be used for project developments and repaying offshore debts. It has a RMB1bn bond maturing on 13 Sep'25 [7] - In Jun'25, Seazen completed partial tender offers and a concurrent new issue of 3 - year USD300mn bond, relieving near - term refinancing pressure. Its high - quality IPs, secured financing headroom, and growing recurring income offer financial flexibility for refinancing in the coming 2 - 3 years [8] China Economy - China's exports rebounded despite a contraction in exports to the US, with ASEAN and Africa making up for 129% of the US loss since Apr. Exports of motor vehicles and chips were strong, while ships, personal computers, and cell phones softened. Imports rebounded due to robust AI - related demand, and soybean imports from the US rebounded. However, there are headwinds in 2H25 for exports [9] - In July, exports edged up to 7.2% yoy, with exports to the US further slumping to - 21.7%. Shipments to Africa accelerated to 42.4%, and exports to ASEAN remained at 16.6%. Exports to the EU, Australia, Korea, and Canada rebounded. Trade surplus narrowed to US$98bn. Exports of transport equipment and tech products polarized. Imports increased to 4.1% yoy, with strong AI - related demand. Import volume of some energy products, machine tools, etc. dropped, while crops rebounded. Soybean imports from the US rebounded [11][12][13] New Issues - No offshore new issues were priced today [16] - There are no offshore new issues in the pipeline today [17] News and Market Color - Regarding onshore primary issuances, 152 credit bonds were issued yesterday with an amount of RMB148bn. Month - to - date, 501 credit bonds were issued with a total amount of RMB507bn, a 17.6% yoy increase [19] - AVIC plans to take direct control of AVIC International Leasing via an equity restructure. SK Hynix and Samsung Electronics will be exempt from 100% US tariffs on semiconductors. Longfor begins phased early repayment of HKD9.3bn offshore syndicated loan. MGM China 1H25 adjusted EBITDA slipped 1.4% yoy to HKD4.9bn. Mongolian Mining expects a consolidated net loss of USD15 - 25mn for 1H25. New World Development dismisses take - private reports. ORIX 1QFY26 revenue rose 8.5% yoy to JPY768.6bn. Rakuten Group will early redeem JPY16.8bn RAKUTN 1.81 11/04/55 on 4 Nov'25. Road King fails to obtain bondholder consent. SoftBank Group 1QFY26 net sales rose 7% yoy to JPY1.8tn. Wynn Macau 2Q25 operating revenue was down 0.2% yoy to USD883.5m [19]