（原标题：花旗：美高梅中国(02282)业务持续强劲 升目标价至18港元 维持"买入"评级） 智通财经APP获悉，花旗发布研报称，将美高梅中国(02282)目标价从17.1港元上调至18港元，并维 持"买入"评级。即使近期股价上涨，花旗认为该股的估值仍具吸引力，现价相当于2026财年EBITDA倍 数为8.3倍(低于平均值一个标准差以上)。以50%的股息支付率计算，该股提供约4%的股息收益率。 美高梅中国在2025年第二季录得历史新高的税息折旧及摊销前利润(EBITDA)，达25.11亿元，市场份额 为16.6%，EBITDA利润率为29%(均符合管理层指引)。花旗认为，这反映了其竞争力及审慎的支出(特 别是在玩家再投资方面)，尽管金沙中国(01928)的伦敦人名汇及银河娱乐(00027)的嘉佩乐酒店(Capella) 推出了新产品。根据美高梅中国管理层表示，业务势头在2025年7月持续强劲，各业务分部均录得强劲 的交易量。鉴于近期稳健的趋势，花旗预计美高梅中国自2025年7月至2026年中开放的新套房和别墅， 将有助于其至少守住其市场份额。 ...

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]