机构：申万宏源研究 研究员：贾梦迪 MGM China reported 3Q25 net revenue of HK$8.5bn (+17% YoY) and adjusted Ebitdaof HK$2.37bn (+20% YoY), setting a new third-quarter record, which was 53% higherthan that in 2019, in line with our expectations. We maintain 2025E EPS forecast ofHK$1.25, 2026E forecast of HK$1.38, and 2027E forecast of HK$1.43. We maintaintarget price of HK$19, with 26% upside potential, we maintain a Buy rating. 3Q25 results. The company's total gross gaming revenue (GGR) increased by 20%YoY, representing 36% ...