Citigroup Reaffirms "Buy" Rating for MGM CHINA with HK$18.25 Target Price

Stock News

02/06

Citigroup has maintained its "Buy" rating and HK$18.25 target price for MGM CHINA (02282). The company achieved a record quarterly EBITDA of RMB 27.53 billion in the fourth quarter of 2025. MGM CHINA concluded the 2025 fiscal year with annual EBITDA exceeding RMB 100 billion and a market share of over 16%. More notably, its EBITDA margin improved from 26.8% in Q4 2024 to 28.6% in Q4 2025, indicating effective operational cost control. Looking ahead to the Lunar New Year, management reported no signs of a pre-holiday slowdown, with optimistic booking trends. The waiting list for MGM CHINA's premium hotel products has grown significantly. New suite projects scheduled to open between July 2025 and mid-2026 are expected to help the company maintain its market share.

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The company achieved a record quarterly EBITDA of RMB 27.53 billion in the fourth quarter of 2025. MGM CHINA concluded the 2025 fiscal year with annual EBITDA exceeding RMB 100 billion and a market share of over 16%. More notably, its EBITDA margin improved from 26.8% in Q4 2024 to 28.6% in Q4 2025, indicating effective operational cost control. Looking ahead to the Lunar New Year, management reported no signs of a pre-holiday slowdown, with optimistic booking trends. The waiting list for MGM CHINA's premium hotel products has grown significantly. 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