MGM China (2282): Our take on 2Q26: No surprises

研报英文原文证据摘录

MGM China (2282): Our take on 2Q26: No surprises

J P M O R G A N Asia Pacific Equity Research

30 July 2026

MGM China (2282) Neutral

2282.HK, 2282 HK

Our take on 2Q26: No surprises Price (29 Jul 26):HK$11.02

Price Target (Dec-26):HK$11.20

Our First Take. MGM’s 2Q26 was not a thesis-changing print, but it did give both

bulls and skeptics something to work with. EBITDA itself landed broadly in line

with JPMe and consensus: market share was the bright spot (+90bps to 16.3%),

whereas margin was the softer point (down >100bps q/q to 27%, albeit from a high

base). Meanwhile, management sounded expectedly constructive on the call,

noting that “demand recovered immediately after the World Cup thanks to pent-up

demand” and “industry GGR has improved W/W to recover nearly back to 1Q Co-Head of Asia Pacific Consumer

levels.” Research and Head of Asia Gaming/

Leisure Research

That said, we do not think the result meaningfully changes sentiment or the DS Kim AC

narrative on MGM/sector, where the real question remains whether GGR recovery (852) 2800-8597

in coming months is strong enough to support the “is the worst over?” trade after ds.kim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

the expectedly weak June (-12% y/y, due to World Cup drag and the toughest comp Morgan Broking (Hong Kong) Limited

of the year). We do expect GGR growth to sequentially improve at least into Selina Li

September, but we would not over-interpret comp-driven optics as a demand (852) 2800-8530

inflection yet. Until actual demand recovery is clearer, we remain selective/Neutral selina.c.li@jpmorgan.com

on the sector. We rate MGM Neutral given our relative preference within the group, J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited