Citi Maintains Buy Rating on MGM CHINA (02282.HK) with Target Price of HKD18.25
Financial Performance: MGM CHINA reported a record high quarterly EBITDA of RMB2.753 billion in 4Q25, with an annual EBITDA exceeding RMB10 billion and an improved EBITDA margin of 28.6%.
Market Outlook: Management noted strong booking trends and a long waiting list for premium hotel products ahead of the Lunar New Year, indicating no signs of a pre-holiday slowdown.
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Citi Maintains Buy Rating on MGM CHINA (02282.HK) with Target Price of HKD18.25
Financial Performance: MGM CHINA reported a record high quarterly EBITDA of RMB2.753 billion in 4Q25, with an annual EBITDA exceeding RMB10 billion and an improved EBITDA margin of 28.6%.
Market Outlook: Management noted strong booking trends and a long waiting list for premium hotel products ahead of the Lunar New Year, indicating no signs of a pre-holiday slowdown.
CLSA Maintains Outperform Rating for MGM CHINA (02282.HK) Following Strong 4Q25 Property EBITDA Results
Financial Performance: MGM China reported a 29% year-over-year increase in 4Q25 property EBITDA to $2.753 billion, surpassing market expectations due to a high VIP win rate at MGM Cotai.
Market Share and Margins: The company's GGR market share rose by 0.6 percentage points to 16.3%, with property EBITDA margins increasing by 0.2 percentage points to 26.8%, indicating effective expense management.
Broker Rating and Target Price: CLSA maintained an "Outperform" rating for MGM China, setting a target price of $20.9, based on a forecasted EV/EBITDA of 7.2x for 2026.
Short Selling Activity: MGM China experienced short selling of $13.70 million, with a short selling ratio of 9.506%, reflecting market sentiment.
MGM China Reports Over 10% Year-on-Year Increase in 2025 Adjusted EBITDA, Reaching Record $10.005 Billion
Stock Performance: MGM CHINA's stock decreased by 3.679%, with a short selling amount of $13.70 million and a ratio of 9.506%.
Revenue Growth: MGM Resorts International reported that MGM CHINA's total revenue for the year ending December 2025 rose by 10.8% year-over-year, reaching $34.787 billion.
G Sachs Research: January GGR Exceeds Expectations; 1Q GGR Projected to Increase 17% Year-over-Year
Macau's GGR Performance: Macau's January Gross Gaming Revenue (GGR) grew by 24% year-on-year to MOP22.6 billion, reaching 91% of the 2019 level, driven by a healthy increase in mainland Chinese visitors.
Impact of Events on Gaming Demand: Goldman Sachs believes that the upcoming Winter Olympic Games will not significantly affect gaming demand, while the World Cup may impact monthly revenue by no more than 5%.
SANDS CHINA LTD Financials: Despite reporting lower-than-expected EBITDA in 4Q25 due to one-off expenses and a shift towards lower-margin segments, Goldman Sachs maintains a Buy rating on SANDS CHINA LTD.
Outlook for Other Companies: Goldman Sachs anticipates solid 4Q25 results for GALAXY ENT and MGM CHINA, with expected EBITDA increases of 28% and 8% quarter-on-quarter, respectively, and reiterates Buy ratings for these stocks.
M Stanley Predicts 18% Year-Over-Year Growth in MO 1Q GGR, Prefers GALAXY ENT and SANDS CHINA LTD
Macau's GGR Performance: In January 2026, Macau's Gross Gaming Revenue (GGR) increased by 24% year-on-year and 8% month-on-month, reaching MOP22.6 billion, surpassing market expectations according to Morgan Stanley.
February Growth Expectations: The upcoming Lunar New Year holiday is anticipated to boost February's GGR, with a projected year-on-year growth of 22%.
1Q26 GGR Forecast: Morgan Stanley predicts an 18% year-on-year increase in Macau's GGR for the first quarter of 2026, benefiting from a low base in early 2025.
Stock Recommendations: The broker favors stocks such as Galaxy Entertainment, Sands China, and Melco Resorts, all rated Overweight, while MGM China is rated Neutral and SJM Holdings is rated Underweight.
SANDS CHINA LTD Rises Over 4% Despite Market Trends, Following Strong January GGR from MO
Macau's GGR Performance: Macau's January Gross Gaming Revenue (GGR) reached MOP22.633 billion, reflecting a 24% year-over-year increase and surpassing market expectations by about 5%.
Stock Market Reactions: Major gaming companies like Sands China and Galaxy Entertainment saw their stock prices rise, with Sands China up 4.58% and Galaxy Entertainment up 0.95%, despite initial declines.
Market Forecasts: Analysts from Morgan Stanley and CLSA predict continued growth in Macau's GGR, with expectations of an 18% year-over-year increase in the first quarter and potential upside risks to annual growth forecasts.
Short Selling Data: The report includes short selling statistics for various companies, indicating varying levels of market confidence, with SJM Holdings showing a notably high short selling ratio of 29.649%.
Citi Maintains Buy Rating on MGM CHINA (02282.HK) with Target Price of HKD18.25
Financial Performance: MGM CHINA reported a record high quarterly EBITDA of RMB2.753 billion in 4Q25, with an annual EBITDA exceeding RMB10 billion and an improved EBITDA margin of 28.6%.
Market Outlook: Management noted strong booking trends and a long waiting list for premium hotel products ahead of the Lunar New Year, indicating no signs of a pre-holiday slowdown.
CLSA Maintains Outperform Rating for MGM CHINA (02282.HK) Following Strong 4Q25 Property EBITDA Results
Financial Performance: MGM China reported a 29% year-over-year increase in 4Q25 property EBITDA to $2.753 billion, surpassing market expectations due to a high VIP win rate at MGM Cotai.
Market Share and Margins: The company's GGR market share rose by 0.6 percentage points to 16.3%, with property EBITDA margins increasing by 0.2 percentage points to 26.8%, indicating effective expense management.
Broker Rating and Target Price: CLSA maintained an "Outperform" rating for MGM China, setting a target price of $20.9, based on a forecasted EV/EBITDA of 7.2x for 2026.
Short Selling Activity: MGM China experienced short selling of $13.70 million, with a short selling ratio of 9.506%, reflecting market sentiment.
MGM China Reports Over 10% Year-on-Year Increase in 2025 Adjusted EBITDA, Reaching Record $10.005 Billion
Stock Performance: MGM CHINA's stock decreased by 3.679%, with a short selling amount of $13.70 million and a ratio of 9.506%.
Revenue Growth: MGM Resorts International reported that MGM CHINA's total revenue for the year ending December 2025 rose by 10.8% year-over-year, reaching $34.787 billion.
G Sachs Research: January GGR Exceeds Expectations; 1Q GGR Projected to Increase 17% Year-over-Year
Macau's GGR Performance: Macau's January Gross Gaming Revenue (GGR) grew by 24% year-on-year to MOP22.6 billion, reaching 91% of the 2019 level, driven by a healthy increase in mainland Chinese visitors.
Impact of Events on Gaming Demand: Goldman Sachs believes that the upcoming Winter Olympic Games will not significantly affect gaming demand, while the World Cup may impact monthly revenue by no more than 5%.
SANDS CHINA LTD Financials: Despite reporting lower-than-expected EBITDA in 4Q25 due to one-off expenses and a shift towards lower-margin segments, Goldman Sachs maintains a Buy rating on SANDS CHINA LTD.
Outlook for Other Companies: Goldman Sachs anticipates solid 4Q25 results for GALAXY ENT and MGM CHINA, with expected EBITDA increases of 28% and 8% quarter-on-quarter, respectively, and reiterates Buy ratings for these stocks.
M Stanley Predicts 18% Year-Over-Year Growth in MO 1Q GGR, Prefers GALAXY ENT and SANDS CHINA LTD
Macau's GGR Performance: In January 2026, Macau's Gross Gaming Revenue (GGR) increased by 24% year-on-year and 8% month-on-month, reaching MOP22.6 billion, surpassing market expectations according to Morgan Stanley.
February Growth Expectations: The upcoming Lunar New Year holiday is anticipated to boost February's GGR, with a projected year-on-year growth of 22%.
1Q26 GGR Forecast: Morgan Stanley predicts an 18% year-on-year increase in Macau's GGR for the first quarter of 2026, benefiting from a low base in early 2025.
Stock Recommendations: The broker favors stocks such as Galaxy Entertainment, Sands China, and Melco Resorts, all rated Overweight, while MGM China is rated Neutral and SJM Holdings is rated Underweight.
SANDS CHINA LTD Rises Over 4% Despite Market Trends, Following Strong January GGR from MO
Macau's GGR Performance: Macau's January Gross Gaming Revenue (GGR) reached MOP22.633 billion, reflecting a 24% year-over-year increase and surpassing market expectations by about 5%.
Stock Market Reactions: Major gaming companies like Sands China and Galaxy Entertainment saw their stock prices rise, with Sands China up 4.58% and Galaxy Entertainment up 0.95%, despite initial declines.
Market Forecasts: Analysts from Morgan Stanley and CLSA predict continued growth in Macau's GGR, with expectations of an 18% year-over-year increase in the first quarter and potential upside risks to annual growth forecasts.
Short Selling Data: The report includes short selling statistics for various companies, indicating varying levels of market confidence, with SJM Holdings showing a notably high short selling ratio of 29.649%.
