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Melco International
(0200)
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Rating:52Neutral
Price Target:
HK$2.50
▼(-22.60% Downside)
Action:Reiterated
Date:10/23/26
The score is held back primarily by elevated balance-sheet leverage and clear technical weakness (price below key moving averages with negative MACD). Offsetting these risks are improving operating performance and strong recent cash generation, alongside a low P/E multiple that provides some valuation support.
Positive Factors
Improved Profitability
The return to positive net income and solid operating margins shows meaningful recovery from prior losses. If these margins persist, the company can convert resort activity into earnings more effectively, supporting reinvestment and improving resilience across the next several quarters.
Negative Factors
Extreme Leverage
Debt that is extremely large relative to equity leaves the company more exposed to operating downturns, refinancing conditions, and interest-related pressure. This leverage can constrain capital allocation and make recovery in a cyclical gaming and resorts business less durable.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Profitability
The return to positive net income and solid operating margins shows meaningful recovery from prior losses. If these margins persist, the company can convert resort activity into earnings more effectively, supporting reinvestment and improving resilience across the next several quarters.
Read all positive factors
Melco International (0200) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$5.12B
Dividend Yield0.66%
Average Volume (3M)3.48M
Price to Earnings (P/E)4.9
Beta (1Y)1.11
Revenue Growth6.61%
EPS GrowthN/A
CountryHK
Employees22,972
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.46
Shares Outstanding2,275,025,600
10 Day Avg. Volume3,244,361
30 Day Avg. Volume3,480,384
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)4.87
Price to Sales (P/S)0.38
P/FCF Ratio1.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$2.20Price Target Upside-31.89% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.3
Revenue Forecast (FY)HK$42.36B
Melco International Business Overview & Revenue Model
Company Description
Melco International Development Limited, an investment holding company, engages in the leisure and entertainment business in Macau, the Philippines, and Cyprus. It operates in two segments, Casino and Hospitality, and Others. The company operates ...
How the Company Makes Money
Melco International makes money primarily by earning returns from its ownership interests in integrated resort and gaming businesses. The core revenue model is exposure to casino and resort operating cash flows, which are generated from: (1) Gamin...
Melco International Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
18
Very Negative
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.85B | 24.53B | 36.17B | 17.87B | 6.73B | 9.08B |
| Gross Profit | 10.48B | 10.63B | 28.34B | 6.26B | -3.24B | -2.28B |
| EBITDA | 7.51B | 9.71B | 7.12B | 5.19B | -2.07B | 556.11M |
| Net Income | 1.02B | 1.06B | -784.60M | -1.74B | -5.11B | -3.81B |
Balance Sheet | ||||||
| Total Assets | 81.93B | 82.70B | 84.75B | 89.41B | 97.09B | 94.19B |
| Cash, Cash Equivalents and Short-Term Investments | 8.02B | 8.23B | 9.03B | 10.77B | 14.34B | 13.46B |
| Total Debt | 59.83B | 59.45B | 63.11B | 65.87B | 74.57B | 61.59B |
| Total Liabilities | 72.75B | 72.99B | 76.54B | 79.04B | 83.71B | 71.73B |
| Stockholders Equity | 1.97B | 1.91B | 45.93M | 665.00M | 1.79B | 6.86B |
Cash Flow | ||||||
| Free Cash Flow | 4.33B | 7.58B | 6.37B | 6.69B | -9.51B | -7.15B |
| Operating Cash Flow | 6.61B | 10.25B | 8.73B | 8.51B | -5.19B | -2.08B |
| Investing Cash Flow | -2.98B | -2.59B | -2.22B | -1.52B | -4.11B | -4.20B |
| Financing Cash Flow | -4.52B | -8.60B | -8.10B | -10.56B | 7.22B | 3.22B |
Melco International Technical Analysis
Negative
3.23
Price Trends
2.89
Negative
3.17
Negative
3.65
Negative
Market Momentum
-0.14
Positive
26.83
Positive
6.37
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0200, the sentiment is Negative. The current price of 3.23 is above the 20-day moving average (MA) of 2.59, above the 50-day MA of 2.89, and below the 200-day MA of 3.65, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 26.83 is Positive, neither overbought nor oversold. The STOCH value of 6.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0200.
Melco International Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$136.13B | 12.69 | 12.77% | 5.47% | 8.39% | 11.34% | |
64 Neutral | HK$33.90B | 7.43 | 129.87% | 6.76% | 11.01% | 6.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$23.86B | 7.89 | -22.18% | 9.90% | 9.38% | 60.07% | |
59 Neutral | HK$84.82B | 12.35 | 65.49% | 9.54% | 8.73% | -3.66% | |
52 Neutral | HK$5.12B | 4.90 | 52.47% | 0.66% | 6.61% | ― | |
44 Neutral | HK$8.10B | -14.94 | -4.07% | 3.09% | -16.41% | -3217.39% |
* Consumer Cyclical Sector Average
HK:0200
Melco International
2.26
-2.46
-52.12%
HK:0880
SJM Holdings
1.14
-1.74
-60.42%
HK:2282
MGM China Holdings
8.92
-5.28
-37.18%
HK:0027
Galaxy Entertainment Group
31.10
-5.70
-15.49%
HK:1928
Sands China
10.48
-8.61
-45.11%
HK:1128
Wynn Macau
4.50
-1.69
-27.26%
Melco International Corporate Events
Melco Commits MOP828 Million to Macau Government Guidance Fund
Oct 23, 2026
Melco International’s subsidiary Melco Macau has agreed to commit MOP828 million, about HK$803.2 million, to Macao SAR Government Guidance Fund No. 2, a limited partnership fund established under local investment fund regulations for specifi...
Melco International Posts Revenue Growth but Lower Earnings in First Half 2026
Aug 31, 2026
Melco International reported net revenues of HK$20.50 billion for the six months ended 30 June 2026, a 2.7% increase year-on-year driven mainly by stronger gaming operations. Despite the top-line growth, Adjusted EBITDA slipped to HK$5.06 billion ...
Melco International Sets Board Meeting to Approve Interim Results
Aug 18, 2026
Melco International Development Limited, a Hong Kong-listed company in the gaming and entertainment industry, operates integrated resorts and related leisure businesses across Asian markets through its subsidiaries. The group is led by Chairman an...
Melco Resorts Earnings Dip on Softer Gaming, But Macau and Overseas Expansion Underpin Outlook
Aug 13, 2026
Melco Resorts Entertainment reported second-quarter 2026 operating revenue of US$1.25 billion, down about 6% year on year, as rolling chip, mass market table games, and non-gaming operations softened. Adjusted property EBITDA fell to US$303.8 mil...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.