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Melco International
(0200)
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Rating:58Neutral
Price Target:
HK$3.50
▲(3.24% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by improving profitability and strong recent cash generation, but is held back by very high balance-sheet leverage and revenue/earnings volatility. Technicals are mixed (modest near-term improvement but still below longer-term averages), while the low P/E provides a supportive valuation backdrop.
Positive Factors
Free cash flow strength
Recent years show materially improved cash generation: operating cash flow and free cash flow turned positive after prior losses, with FCF up ~137% in 2025 versus prior years. Durable cash generation supports debt servicing, reinvestment in resorts, and capital allocation through cycles.
Negative Factors
Extremely high leverage
Debt levels are exceptionally high relative to equity, constraining financial flexibility. In a capital-intensive, cyclical resort business this elevates refinancing, interest coverage and covenant risks, making the company more vulnerable to prolonged downturns or higher funding costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow strength
Recent years show materially improved cash generation: operating cash flow and free cash flow turned positive after prior losses, with FCF up ~137% in 2025 versus prior years. Durable cash generation supports debt servicing, reinvestment in resorts, and capital allocation through cycles.
Read all positive factors
Melco International (0200) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$7.55B
Dividend YieldN/A
Average Volume (3M)9.91M
Price to Earnings (P/E)6.8
Beta (1Y)1.05
Revenue Growth12.09%
EPS GrowthN/A
CountryHK
Employees22,972
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.50
Shares Outstanding2,275,025,600
10 Day Avg. Volume11,669,877
30 Day Avg. Volume9,908,542
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$3.20Price Target Upside-5.60% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.33
Revenue Forecast (FY)HK$42.86B
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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 24.53B | 36.17B | 17.87B | 6.73B | 9.08B |
| Gross Profit | 10.63B | 28.34B | 6.26B | -3.24B | -2.28B |
| EBITDA | 9.71B | 7.12B | 5.19B | -2.07B | 556.11M |
| Net Income | 1.06B | -784.60M | -1.74B | -5.11B | -3.81B |
Balance Sheet | |||||
| Total Assets | 82.70B | 84.75B | 89.41B | 97.09B | 94.19B |
| Cash, Cash Equivalents and Short-Term Investments | 8.23B | 9.03B | 10.77B | 14.34B | 13.46B |
| Total Debt | 59.45B | 63.11B | 65.87B | 74.57B | 61.59B |
| Total Liabilities | 72.99B | 76.54B | 79.04B | 83.71B | 71.73B |
| Stockholders Equity | 1.91B | 45.93M | 665.00M | 1.79B | 6.86B |
Cash Flow | |||||
| Free Cash Flow | 7.58B | 6.37B | 6.69B | -9.51B | -7.15B |
| Operating Cash Flow | 10.25B | 8.73B | 8.51B | -5.19B | -2.08B |
| Investing Cash Flow | -2.59B | -2.22B | -1.52B | -4.11B | -4.20B |
| Financing Cash Flow | -8.60B | -8.10B | -10.56B | 7.22B | 3.22B |
Melco International Technical Analysis
Negative
3.39
Price Trends
3.45
Negative
3.72
Negative
4.11
Negative
Market Momentum
-0.01
Positive
46.38
Neutral
26.74
Neutral
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 3.39 is below the 20-day moving average (MA) of 3.51, below the 50-day MA of 3.45, and below the 200-day MA of 4.11, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 46.38 is Neutral, neither overbought nor oversold. The STOCH value of 26.74 is Neutral, 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$152.06B | 14.10 | 13.12% | 4.74% | 8.39% | 11.34% | |
63 Neutral | HK$38.23B | 8.50 | 129.87% | 6.11% | 11.01% | 6.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$30.30B | 18.48 | -11.87% | 5.92% | -1.98% | -49.13% | |
59 Neutral | HK$114.60B | 17.10 | 71.09% | 5.19% | 8.73% | -3.66% | |
58 Neutral | HK$7.55B | 6.79 | 73.50% | ― | 12.09% | ― | |
43 Neutral | HK$10.37B | -24.55 | -3.15% | ― | -3.01% | -15200.00% |
* Consumer Cyclical Sector Average
HK:0200
Melco International
3.40
-1.44
-29.86%
HK:0880
SJM Holdings
1.49
-1.79
-54.73%
HK:2282
MGM China Holdings
10.29
-4.58
-30.82%
HK:0027
Galaxy Entertainment Group
34.54
-3.38
-8.90%
HK:1928
Sands China
14.51
-4.60
-24.07%
HK:1128
Wynn Macau
5.81
0.04
0.73%
Melco International Corporate Events
Melco Resorts Extends HK$21.7 Billion Credit Facilities to 2031 and Boosts Liquidity
Jun 9, 2026
Melco International’s listed subsidiary Melco Resorts Entertainment has secured an extension of the maturity date on its HK$15.24 billion revolving credit facility from April 2027 to June 2031, significantly lengthening its debt profile. Th...
Melco International Wins Strong Shareholder Backing at 2026 AGM
Jun 8, 2026
Melco International Development Limited said shareholders approved all resolutions at its 8 June 2026 annual general meeting, including adoption of the 2025 audited financial statements and re-election of both executive and independent non-executi...
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.