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MGM China Holdings
(2282)
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Rating:64Neutral
Price Target:
HK$11.00
▲(8.59% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by improved profitability and strong free-cash-flow generation, supported by an attractive P/E and dividend yield. Offsetting these positives are elevated leverage and a sharp 2025 revenue decline, while technical indicators are broadly neutral with a weaker longer-term trend.
Positive Factors
Strong Free Cash Flow
Positive free cash flow across 2023–2025, including roughly 20% growth in 2025, indicates the resort portfolio is generating cash beyond reported earnings. That supports debt service, reinvestment and shareholder distributions, although leverage remains a constraint.
Negative Factors
High Financial Leverage
High debt and a debt-to-equity ratio near 5.9 leave MGM China with limited balance-sheet cushion if Macau operating conditions weaken. Leverage can absorb cash through interest and repayment needs, restricting flexibility for investment, distributions or downturn protection.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Free Cash Flow
Positive free cash flow across 2023–2025, including roughly 20% growth in 2025, indicates the resort portfolio is generating cash beyond reported earnings. That supports debt service, reinvestment and shareholder distributions, although leverage remains a constraint.
Read all positive factors
MGM China Holdings (2282) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$38.69B
Dividend Yield5.87%
Average Volume (3M)4.70M
Price to Earnings (P/E)8.5
Beta (1Y)0.71
Revenue Growth11.01%
EPS Growth6.83%
CountryHK
Employees13,900
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)1.33
Shares Outstanding3,800,519,000
10 Day Avg. Volume3,797,181
30 Day Avg. Volume4,699,782
Financial Highlights & Ratios
PEG Ratio0.99
Price to Book (P/B)15.41
Price to Sales (P/S)1.44
P/FCF Ratio6.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$14.74Price Target Upside45.51% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)1.16
Revenue Forecast (FY)HK$35.49B
MGM China Holdings Business Overview & Revenue Model
Company Description
MGM China Holdings Limited functions as an investment holding firm dedicated to the development, ownership, and management of gaming and hospitality complexes throughout the Greater China region. The company's core activities encompass the operati...
How the Company Makes Money
MGM China makes money mainly by operating integrated resorts in Macau that generate revenue from both gaming and non-gaming activities. Its core revenue stream is casino gaming, which typically includes: (1) mass-market table games and slot machin...
MGM China Holdings Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
39
Negative
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 34.79B | 31.39B | 24.68B | 5.27B | 9.41B |
| Gross Profit | 27.84B | 11.87B | 19.67B | -419.99M | 1.58B |
| EBITDA | 8.76B | 8.17B | 6.45B | -1.52B | -287.02M |
| Net Income | 5.07B | 4.60B | 2.64B | -5.23B | -3.85B |
Balance Sheet | |||||
| Total Assets | 29.67B | 30.60B | 29.18B | 31.21B | 28.44B |
| Cash, Cash Equivalents and Short-Term Investments | 4.40B | 5.32B | 4.23B | 6.71B | 3.11B |
| Total Debt | 19.17B | 23.15B | 24.30B | 32.92B | 24.15B |
| Total Liabilities | 26.43B | 30.08B | 30.51B | 35.21B | 27.24B |
| Stockholders Equity | 3.25B | 527.53M | -1.33B | -4.00B | 1.20B |
Cash Flow | |||||
| Free Cash Flow | 7.17B | 5.52B | 7.91B | -2.41B | -977.32M |
| Operating Cash Flow | 8.74B | 6.72B | 8.27B | -2.11B | -449.61M |
| Investing Cash Flow | -1.64B | -1.52B | -124.64M | -1.32B | -518.49M |
| Financing Cash Flow | -8.09B | -5.66B | -10.62B | 7.04B | 1.44B |
MGM China Holdings Technical Analysis
Neutral
10.13
Price Trends
10.18
Negative
10.34
Negative
11.58
Negative
Market Momentum
-0.07
Positive
50.87
Neutral
45.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2282, the sentiment is Neutral. The current price of 10.13 is above the 20-day moving average (MA) of 10.07, below the 50-day MA of 10.18, and below the 200-day MA of 11.58, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 50.87 is Neutral, neither overbought nor oversold. The STOCH value of 45.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:2282.
MGM China Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$148.39B | 13.84 | 12.77% | 5.04% | 8.39% | 11.34% | |
64 Neutral | HK$38.69B | 8.48 | 129.87% | 5.87% | 11.01% | 6.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$114.36B | 16.66 | 65.49% | 5.29% | 8.73% | -3.66% | |
58 Neutral | HK$7.32B | 7.01 | 52.47% | 0.66% | 6.61% | ― | |
48 Neutral | HK$30.40B | 10.06 | -22.18% | 7.06% | 9.38% | 60.07% | |
43 Neutral | HK$10.33B | -19.07 | -4.07% | 3.09% | -16.41% | -3217.39% |
* Consumer Cyclical Sector Average
HK:2282
MGM China Holdings
10.27
-4.59
-30.89%
HK:0880
SJM Holdings
1.43
-1.49
-51.03%
HK:0200
Melco International
3.20
-2.42
-43.06%
HK:0027
Galaxy Entertainment Group
33.70
-5.12
-13.18%
HK:1928
Sands China
14.18
-5.11
-26.48%
HK:1128
Wynn Macau
5.78
-0.71
-10.92%
MGM China Holdings Corporate Events
MGM China Posts Higher Revenue but Lower Profit as VIP Business Softens
Aug 6, 2026
MGM China reported operating revenue of HK$17.39 billion for the first half of 2026, up from HK$16.66 billion a year earlier, driven mainly by higher main floor table and slot revenues. Despite the top-line growth, adjusted EBITDA edged down to HK...
MGM China Declares Interim Dividend of HKD 0.25 Per Share
Aug 6, 2026
MGM China Holdings has declared an interim ordinary cash dividend of HKD 0.25 per share for the six months ended 30 June 2026, with the dividend relating to the financial year ending 31 December 2026. The ex-dividend date is set for 20 August 2026...
MGM China Names Executive Director Jeny Lau as Chief Financial Officer
Jul 30, 2026
MGM China Holdings announced that executive director Jeny Lau will assume the role of chief financial officer effective August 1, 2026, marking a significant change in the group’s senior leadership structure. In her new position, Lau will ov...
MGM China Alerts Investors to Parent MGM Resorts’ Q2 2026 Filing and Cautions on Use of Data
Jul 29, 2026
MGM China Holdings has informed investors that its controlling shareholder, MGM Resorts International, has released an unaudited Form 10-Q quarterly report for the second quarter and first half of fiscal 2026. The U.S. parent’s filing includ...
MGM China Flags Non-Comparable Financial Data in Parent’s 2026 Earnings Release
Jul 29, 2026
MGM China Holdings has informed investors that its controlling shareholder, MGM Resorts International, has released unaudited financial results for the second quarter and first half of fiscal 2026, which include financial information about MGM Chi...
MGM China Sets Board Meeting to Approve Interim Results and Consider Dividend
Jul 24, 2026
MGM China Holdings Limited has scheduled a board meeting for August 6, 2026 to review and approve the interim results for the six months ended June 30, 2026. The board will also consider the possible declaration of an interim dividend, signaling a...
MGM China Acquires MGM Asia Pacific in US$20 Million Connected Deal
Jun 30, 2026
MGM China Holdings Limited has entered into a connected transaction to acquire the entire issued share capital of MGM Asia Pacific Limited from an associate of its controlling shareholder, MGM Resorts International, for a consideration of US$20 mi...
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.