Investment Rating - The investment rating for MGM China is maintained as "Buy" with a target price of HKD 18.20 [2][9]. Core Insights - MGM China reported strong performance in its mid-to-high-end business, with a market share increase to 16.5% in Q4 2025 and 16.1% for the full year, marking a historical high [5]. - The company achieved operating revenue of HKD 96.2 billion for Q4 2025 and HKD 347.9 billion for the full year, reflecting a year-on-year increase of 21% and 10.8%, respectively [5]. - Adjusted EBITDA for Q4 2025 and the full year reached HKD 27.5 billion and HKD 100 billion, with year-on-year growth of 29% and 10.4% [5]. Financial Projections and Valuation - Revenue projections for MGM China are as follows: - 2025: HKD 34,788 million - 2026E: HKD 35,657 million (+2.31%) - 2027E: HKD 36,727 million (+3.83%) - 2028E: HKD 37,645 million (+3.30%) [4]. - Net profit attributable to the parent company is projected to be: - 2025: HKD 5,075 million - 2026E: HKD 5,242 million (+3.29%) - 2027E: HKD 5,399 million (+3.00%) - 2028E: HKD 5,571 million (+3.19%) [4]. - The expected PE ratio for 2026 is 7.86, and the expected dividend yield is 3.46% [4]. Business Performance - The mid-market gross gaming revenue (GGR) increased by 10.2% to HKD 315.1 billion, driven by strong betting volumes at MGM Cotai and MGM Macau [6]. - VIP GGR rose by 19.5% to HKD 48.4 billion, although there was a decline in VIP customer traffic and betting intentions [6]. - Slot machine revenue saw a slight increase of 3.3% to HKD 23.0 billion, despite a drop in overall win rates [6]. Strategic Initiatives - MGM China is deepening its "Tourism+" strategy to enhance brand loyalty among high-end customers, including the launch of new luxury offerings and entertainment projects [8]. - The company plans to leverage its parent company's global sales platform to accelerate the expansion of international customer sources [8]. Earnings Forecast Adjustments - The EBITDA forecast for 2026 and 2027 has been raised by 8% to HKD 97.3 billion and HKD 101.0 billion, respectively, with an introduction of a new EBITDA forecast for 2028 at HKD 103.5 billion [9].

Core Viewpoint - MGM China is expected to achieve a net revenue of HKD 9.617 billion in Q4 2025, reaching 169% of the level seen in the same period of 2019 [1] Financial Performance - Adjusted EBITDA is projected to be HKD 2.753 billion, exceeding market expectations of HKD 2.449 billion [1] - Total gaming revenue for MGM Cotai and MGM Macau has recovered to 214% and 104% of the levels seen in the same period of 2019, respectively [1] Analyst Ratings - The firm maintains its EBITDA forecasts for MGM China for 2026 and 2027, sustaining an "outperform" rating with a target price of HKD 16.1 [1]

Core Viewpoint - CICC maintains the EBITDA forecast for MGM China for 2026 and 2027, with the current stock price corresponding to 6x 2026e EV/EBITDA. The firm maintains an "outperform" rating and a target price of HKD 16.10, which implies a 23% upside from the current stock price [1]. Group 1: Financial Performance - MGM China's 4Q25 adjusted EBITDA exceeded Visible Alpha consensus expectations, with net revenue of HKD 9.617 billion (up 21% year-on-year and 13% quarter-on-quarter), recovering to 169% of 4Q19 levels [2]. - Adjusted EBITDA for 4Q25 was HKD 2.753 billion (up 29% year-on-year and 16% quarter-on-quarter), recovering to 177% of 4Q19 levels, surpassing the consensus estimate of HKD 2.449 billion [2]. - The strong performance is attributed to the continued outperformance of high-end business segments, with MGM Cotai and MGM Macau's total gaming revenue recovering to 214% and 104% of 4Q19 levels, respectively [2]. Group 2: Brand Agreement and Financial Implications - MGM China signed a new long-term brand agreement with MGM Resorts, increasing the brand usage fee from 1.75% to 3.5% of monthly net revenue, effective from 2026, with a 20-year term [3]. - The annual cap for brand usage fees will be set, with the 2026 cap at USD 188 million (up from USD 60 million in 2025) [3]. - The new fee structure is expected to negatively impact the company's net profit, estimated to be a 14% drag on CICC's net profit forecast [3]. Group 3: Management Insights - Management indicated strong hotel booking performance for the 2026 Spring Festival holiday starting February 17, 2026, with stable business performance leading up to the holiday [3].

Core Viewpoint - MGM China reported strong financial results for 4Q25, with net revenue of HKD 9.617 billion, a year-on-year increase of 21% and a quarter-on-quarter increase of 13%, recovering to 169% of 4Q19 levels [1] - Adjusted EBITDA reached HKD 2.753 billion, up 29% year-on-year and 16% quarter-on-quarter, exceeding Visible Alpha consensus expectations of HKD 2.449 billion [1] Financial Performance - The strong performance is attributed to the continued outperformance of high-end business segments, with MGM Cotai and MGM Macau's total gaming revenue recovering to 214% and 104% of 4Q19 levels, respectively [1] - The new long-term brand agreement with MGM US, effective from 2026, will increase brand usage fees from 1.75% to 3.5% of monthly net revenue, with an annual cap set to rise to USD 188 million in 2026 [1] Future Outlook - The new brand fee structure is expected to negatively impact net profit by approximately 14% according to estimates [2] - Management indicated strong hotel booking performance for the 2026 Spring Festival holiday starting February 17, 2026, with stable business performance leading up to the holiday [2] Valuation and Estimates - The company maintains its EBITDA forecasts for 2026 and 2027, with the current stock price corresponding to 6 times the estimated EV/EBITDA for 2026 [2] - The company retains an "outperform" rating with a target price of HKD 16.10, implying a 23% upside based on an 8 times EV/EBITDA multiple for 2026 [2]

Core Viewpoint - The report from Industrial Securities maintains a "Buy" rating for MGM China (02282), highlighting the company's strong market share and performance despite challenges in Q3 2025 due to high base effects and typhoon impacts [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of HKD 8.51 billion, representing a year-on-year increase of 17.4% but a quarter-on-quarter decrease of 1.8% [2] - The adjusted EBITDA for Q3 2025 was HKD 2.37 billion, showing a year-on-year growth of 19.6% but a quarter-on-quarter decline of 5.5% [2] - For the first three quarters of 2025, total revenue reached HKD 25.17 billion, with a year-on-year growth of 7.3%, and adjusted EBITDA was HKD 7.25 billion, reflecting a year-on-year increase of 4.6% [2] Group 2: Market Share and Strategy - The company's market share reached a high level in Q2, and there was a notable recovery in market share during October, particularly during the Golden Week [1] - The company is expected to continue benefiting from its mid-to-high-end customer acquisition strategy and operational capabilities [1] - Revenue projections for 2025, 2026, and 2027 are estimated at HKD 34.2 billion, HKD 35.2 billion, and HKD 36.2 billion, respectively, with year-on-year growth rates of 9.0%, 2.9%, and 2.9% [1]

Core Viewpoint - The report from Industrial Securities maintains a "Buy" rating for MGM China (02282), highlighting the company's strong market share and performance despite a decline in revenue and EBITDA in Q3 2025 due to high base effects and typhoon impacts, with a positive outlook for Q4 2025 [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of HKD 8.51 billion, representing a year-on-year growth of 17.4% but a quarter-on-quarter decline of 1.8% [2] - The adjusted EBITDA for Q3 2025 was HKD 2.37 billion, showing a year-on-year increase of 19.6% but a quarter-on-quarter decrease of 5.5% [2] - The adjusted EBITDA margin for Q3 2025 was 27.9%, reflecting a year-on-year increase of 0.5 percentage points but a quarter-on-quarter decline of 1.1 percentage points [2] Group 2: Segment Performance - Revenue from MGM Macau and MGM Cotai in Q3 2025 was HKD 3.39 billion and HKD 5.12 billion, respectively, with year-on-year growth of 11.6% and 21.5% [2] - Adjusted EBITDA for MGM Macau and MGM Cotai was HKD 0.91 billion and HKD 1.46 billion, with year-on-year growth of 14.1% and 23.3% [2] Group 3: Future Projections - The company is expected to generate revenues of HKD 34.2 billion, HKD 35.2 billion, and HKD 36.2 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.0%, 2.9%, and 2.9% [1] - The adjusted EBITDA projections for 2025, 2026, and 2027 are HKD 9.5 billion, HKD 9.7 billion, and HKD 10.0 billion, with year-on-year growth rates of 5.0%, 2.4%, and 2.9% [1]

Core Viewpoint - MGM China Holdings Limited reported its unaudited financial results for the third quarter ending September 30, 2025, showing significant growth in revenue and adjusted EBITDA compared to the previous year [1] Financial Performance - Total revenue for the third quarter was approximately HKD 8.51 billion, representing a year-on-year increase of 17.39% [1] - Adjusted EBITDA for the third quarter was approximately HKD 2.373 billion, reflecting a year-on-year growth of 19.6% [1] - Net income for the third quarter was approximately USD 1.088 billion, marking a year-on-year increase of 17.03% [1] Segment Performance - Revenue from MGM Macau was approximately HKD 3.394 billion, with a year-on-year increase of 11.64% [1] - The occupancy rate for MGM Macau was 92.6%, a decrease of 2.4 percentage points year-on-year [1] - RevPAR (Revenue per Available Room) for MGM Macau was HKD 2,481, a decrease of 1.12% year-on-year [1] - Revenue from MGM Cotai was approximately HKD 5.115 billion, showing a year-on-year increase of 21.54% [1] - The occupancy rate for MGM Cotai was 94%, an increase of 0.1 percentage points year-on-year [1] - RevPAR for MGM Cotai was HKD 2,111, a decrease of 1.49% year-on-year [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MGM CHINA HOLDINGS LIMITED 美 高 梅 中 國 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2282及債務股份代號：6028, 40634, 5036） 內幕消息 我們的控股股東美高梅國際酒店集團 截至2025年9月30日止第三季度的未經審核業績 本公告乃根據證券及期貨條例（第571章）第XIVA部內幕消息條文及香港聯合交易所 有限公司證券上市規則第13.09及37.47B條刊發。 我們的控股股東美高梅國際酒店集團已於2025年10月29日（紐約時間下午4時15分） 或前後公佈其截至2025年9月30日止第三季度的未經審核業績，其中包括根據美國公 認會計原則編製及呈列的美高梅中國控股有限公司財務資料。 本公告乃美高梅中國控股有限公司（「美高梅中國」或「本公司」）根據證券及期貨條例（第 571章）第XIVA部內幕消息條文及香港 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MGM CHINA HOLDINGS LIMITED 2282 6028, 40258, 40634, 5036 內幕消息 我們的控股股東美高梅國際酒店集團 截至2025年3月31日止第一季度的未經審核業績 本公告乃根據證券及期貨條例（第571章）第XIVA部內幕消息條文及香港聯合交易所有 限公司證券上市規則第13.09及37.47B條刊發。 我們的控股股東美高梅國際酒店集團已於2025年4月30日（紐約時間下午4時15分）或前 後公佈其截至2025年3月31日止第一季度的未經審核業績，其中包括根據美國公認會 計原則編制及呈列的美高梅中國控股有限公司財務資料。 本公告乃美高梅中國控股有限公司（「美高梅中國」或「本公司」）根據證券及期貨條例（第 571章）第XIVA部內幕消息條文及香港聯合交易所有限公司（「香港聯交所」）證券上市規則 第13.09及37.47B條刊發。 美高梅中國的控股股東美高梅國際酒店集團 ...