MGM China (2282 HK): Buy: MGM is baking a busy summer

研报英文原文证据摘录

MGM China (2282 HK): Buy: MGM is baking a busy summer

nd of last year. We keep our 52-WEEK PRICE (HKD)

estimates largely unchanged and our TP stays at HKD16.00, implying 45% upside. 19.00

We maintain our Buy rating on improving fundamentals and attractive valuation.

13.95

Looking ahead: The recently launched 60 new suites and the addition of c.50k sq ft 8.90

premium gaming space at MGM Cotai have been well received, according to the 07/25 01/26 07/26

Target price: 16.00 High: 17.32 Low: 9.84 Current: 11.02

management. MGM has begun design work for the refurbishment of around 100 suites

at MGM Macau. We expect these efforts to help MGM sustain its mid-teens market Source: LSEG IBES, HSBC estimates

share despite the intense promotional environment in Macau. On costs, opex walked

up slightly q-o-q to USD3.4m/day in 2Q26 from USD3.3m/day in 1Q26, while the Charlene Liu* Head of Internet and Gaming Research, Asia Pacific

reinvestment rate remained broadly stable sequentially, based on HSBC estimates. The Hongkong and Shanghai Banking Corporation

Limited, Singapore Branch

Overall, MGM remains confident that its mid- to high-twenties margin is sustainable. charlene.r.liu@hsbc.com.sg

+65 6658 0615

2Q26 highlights: Property EBITDA came in at USD298m, down 7% y-o-y and 5%

Jessie Lu*, CFA

q-o-q, slightly ahead of our estimate by 2% but missing consensus by 2%. Luck- Analyst, Internet and Gaming Research

adjusted EBITDA was USD301m. EBITDA margin was in-line with our estimates at The Hongkong and Shanghai Banking Corporation Limited jessie.x.lu@hsbc.com.hk

27.0%, down 200 bp y-o-y and c.100 bp q-o-q. By segment, VIP revenue declined +852 2996 6570

33% y-o-y, with volume falling 18% and VIP win rate down c.60 bp to 2.8%. Mass Lauren Cai*