CITIC Securities: Maintains a "buy" rating on MGM China Holdings Limited (02282.HK), with Q3 2025 performance meeting expectations.

According to the Zhtng Cijng APP, China Industrial Securities release a research report maintaining a "buy" rating for MGM China (02282.HK). The company's market share reached a high level in the second quarter, with revenue and EBITDA in 2025Q3 decreasing compared to the previous quarter due to the impact of the typhoon on a high base. This was expected. Since the fourth quarter, the company has shown excellent performance during the Golden Week, with market share rebounding in October. The bank continues to be optimistic about the company's strategy to attract high-end customers and its operational capabilities. The bank predicts that the company's revenue for 2025/2026/2027 will be 34.2/35.2/36.2 billion Hong Kong dollars, with year-on-year growth of 9.0%/2.9%/2.9%; adjusted EBITDA is expected to be 9.5/9.7/10 billion Hong Kong dollars, with year-on-year growth of 5.0%/2.4%/2.9%.