美高梅中国（02282）：GGR同比下降，EBITDA利润率环比上升。

1Rating (Maintain):BUYTarget price (HKD):14.00AnalystPurdy HoSAC No. S0570523020002SFC No. ASI353purdyho@htsc.com+(852) 3658 6000Key dataTargetprice (HKD)14.00Closing price (HKD as of 16 May)11.22Potential upside-/+ (%)25Mkt cap (HKDmn)42,6366m avg daily val (HKDmn)71.9452wk price range (HKD)8.83-15.12BVPS (HKD)0.14Share performanceSource:S&P(35)(20)(4)1227May-24Sep-24Jan-25May-25(%)MGM ChinaHSI This report must be read with important disclosures and analyst certificationslocated on the end of the report.Risks1.Policy implementation falling short ofmarketexpectations: since September 2024, the recoveryof passenger flow in Macau has been driven by China’s consumption stimulus policy, andsubsequent implementation of the policy may affect the recovery of passenger flow andgaming revenue.2.Errors in calculation: Estimates for revenue ofMGMChina from 2025to 2027are based onour calculations, and there could be errors.3.Intensified competition in overseas gaming market: If the Southeast Asia gaming marketintensifies efforts in competition for tourists, this may negatively affect Macau’s GGR recovery. 4 This report must be read with important disclosures and analyst certificationslocated on the end of the report.Full financialsIncome statementYE 31 Dec (HKDmn)RevenueCost of goods soldGross marginSelling and distribution costAdmin expensesOther income/expensesFinancial cost-netShare of P&L of associateProfit before taxTax expenseMinority interest/otherNet profit attr. to parentDiscount and amortizationEBITDAEPS (HKD, basic)Balance sheetYE 31 Dec (HKDmn)InventoriesAccount & bill receivablesCash & cash equivalentsOther current assetsTotal current assetsFixed assetsIntangible assetsOther non-current assetsTotal non-current assetsTotal assetsAccounts payableShort-term loansOther liabilitiesTotal current liabilitiesInterest-bearing bank borrowingsOther long term liabilitiesTotal non-current liabilitiesEquityReserves/other itemsShareholder equityMinorityinterestsTotal equityValuationYE 31 Dec (x)PEPBEV EBITDADividend yield (%)FCF yield (%)Source:Company announcements,HuataiResearch estimates This report must be read with important disclosures and analyst certificationslocated on the end of the report.DisclaimersAnalyst CertificationI/We, Purdy Ho, hereby certify that the views expressed in this report accurately reflect the personal views ofthe analyst(s) aboutthe subject securities or issuers; and no part of the compensation of the analyst(s) was, is, or will be, directly or indirectly, relatedto the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as“HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy or completeness of such information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report maybemodified withoutnotice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority(“FINRA”)member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content contained herein is objective and impartial, the views,conclusions and recommendations in this report are for reference only and are not to be construed as an offer or solicitation forthe purchase or sale of any security or financial instrument and in any jurisdiction where such offer or solicitation would be illegal.Such views and recommendations are not intended to provide personal investment advice and does not take into account thespecific investment objectives, financial situation and the particular needs of any specific person. Investors should give sufficientconsideration to their own particular circumstances, and fully understand and use the contents of this report, which should not beseen as the sole factor to rely on in making investment decisions. Huatai and the r