Citigroup: Reiterates "Buy" rating on MGM China (02282) with a target price of 18.25 Hong Kong dollars.

Citigroup released a research report stating that it maintains a "buy" rating on MGM CHINA (02282) with a target price of HK$18.25 unchanged. MGM CHINA achieved a record high quarterly EBITDA of HK$2.753 billion in the fourth quarter of 2025. The company concluded the 2025 fiscal year with a record of annual EBITDA exceeding HK$10 billion and market share exceeding 16%. What is even more encouraging is that its EBITDA profit margin improved from 26.8% in the fourth quarter of 2024 to 28.6% in the fourth quarter of 2025, reflecting good cost control. Looking ahead to the Chinese New Year, management stated that there are no signs of a pre-festival off-peak season, with optimistic booking trends and a long waiting list for MGM CHINA's high-end hotel products. New projects, such as new suites scheduled to open from July 2025 to mid-2026, are expected to help the company maintain its market share.