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| HSI1 | 25,668.03 | 0.00 | -- |
| HSCEI1 | 8,531.58 | 0.00 | -- |
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2026-08-07 15:49:33 G Sachs issued a research report saying that MGM CHINA (02282.HK)'s second-quarter results were in line with the broker's and market expectations. Property EBITDA was HKD2.33 billion, down 5% QoQ and within the market forecast range of HKD2.2 billion to HKD2.4 billion. Excluding the impact of VIP win rates falling below theoretical assumptions, adjusted EBITDA was about HKD2.35 billion, down 8% QoQ and down 3% YoY. The broker cited management as saying that around two weeks after the end of the World Cup, strong pent-up demand had been observed again. Visitor traffic and gaming volumes both rebounded significantly WoW, while industry daily GGR in the past one to two weeks had returned to 1Q26 levels, with MGM outperforming the broader market. G Sachs estimated that industry GGR in July may have approached MOP21 billion, with the YoY decline narrowing to 5% to 6%, compared with a 12% decline in June. G Sachs estimated that MGM's market share in July had rebounded to about 16.5%, up 1.1 ppts MoM, and expected market share in 2H26 to range between 16% and 16.2%. Assuming industry GGR and the promotional environment remain stable in 2H26, quarterly property EBITDA is expected to reach HKD2.44 billion to HKD2.45 billion. The broker slightly adjusted its FY2026 to FY2028 EBITDA forecasts for MGM CHINA, with changes of up to 1%, while maintaining the TP at HKD16 and reiterating the rating at Buy. (gc/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |