Core Viewpoint - Citigroup's research report indicates that MGM China achieved a record high EBITDA of HKD 25.11 billion in Q2 2025, with a market share of 16.6% and an EBITDA margin of 29%, aligning with management's guidance [1] Group 1: Financial Performance - MGM China's EBITDA reached HKD 25.11 billion in Q2 2025, marking a historical high [1] - The EBITDA margin stood at 29%, consistent with management's expectations [1] - The company maintained a market share of 16.6% during this period [1] Group 2: Competitive Position - Citigroup believes MGM China's performance reflects its competitiveness and prudent spending, particularly in player reinvestment [1] - Despite new product launches from competitors like Sands China's Londoner and Galaxy's Capella hotel, MGM China continues to show strong business momentum [1] Group 3: Future Outlook - Management indicated that business momentum remained strong as of July 2025, with all business segments recording robust transaction volumes [1] - Citigroup anticipates that new suites and villas opening from July 2025 to mid-2026 will help MGM China maintain its market share [1] Group 4: Stock Valuation - Citigroup raised MGM China's target price from HKD 17.1 to HKD 18 while maintaining a "Buy" rating [1] - Despite recent stock price increases, Citigroup considers the stock's valuation attractive, with a 2026 fiscal year EBITDA multiple of 8.3 times, which is more than one standard deviation below the average [1] - The stock offers an approximate 4% dividend yield based on a 50% payout ratio [1]