Melco International (HK:0200)
:0200
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Melco International
(0200)
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Rating:62Neutral
Price Target:
HK$4.00
â–Ľ(-16.49% Downside)
Action:Reiterated
Date:05/01/26
The score is anchored by mixed financial quality: strong recent cash flow and a return to profitability are offset by very high leverage and volatile revenue. Technicals are neutral-to-slightly improving near term but remain weaker on longer-term averages. Valuation is the main positive, with a very low P/E supporting the overall score.
Positive Factors
Free Cash Flow Improvement
Free cash flow strength in 2023–2025, with 2025 FCF up ~137%, materially improves the company's ability to fund operations, service debt, and reinvest without needing external financing. Over the next 2–6 months persistent FCF reduces near-term refinancing risk and supports operational stability.
Negative Factors
Extremely High Leverage
Debt-to-equity of ~31x signals an unusually thin equity base and extreme leverage, limiting financial flexibility. High leverage raises refinancing and interest-rate sensitivity, magnifying downside in cyclical revenue dips and constraining strategic options over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Improvement
Free cash flow strength in 2023–2025, with 2025 FCF up ~137%, materially improves the company's ability to fund operations, service debt, and reinvest without needing external financing. Over the next 2–6 months persistent FCF reduces near-term refinancing risk and supports operational stability.
Read all positive factors
Melco International (0200) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$8.74B
Dividend YieldN/A
Average Volume (3M)9.91M
Price to Earnings (P/E)3.4
Beta (1Y)1.03
Revenue Growth12.09%
EPS GrowthN/A
CountryHK
Employees21,795
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$5.60Price Target Upside16.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.04
Revenue Forecast (FY)HK$43.30B
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, Cyprus, Japan, and Hong Kong. It operates in two segments, Casino and Hospitality, and Others. The...
How the Company Makes Money
Melco International makes money mainly through (1) returns from its leisure and entertainment/gaming-related investments and (2) earnings from its property-related businesses. A key driver is its ownership interest in Melco Resorts & Entertainment...
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
4.79
Price Trends
4.02
Negative
4.20
Negative
4.67
Negative
Market Momentum
-0.07
Positive
38.14
Neutral
14.63
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 4.79 is above the 20-day moving average (MA) of 4.09, above the 50-day MA of 4.02, and above the 200-day MA of 4.67, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 38.14 is Neutral, neither overbought nor oversold. The STOCH value of 14.63 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$144.80B | 7.71 | 13.12% | 3.06% | 9.63% | 21.77% | |
62 Neutral | HK$8.74B | 3.36 | 73.50% | ― | 12.09% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$41.61B | 4.63 | 194.66% | 5.73% | 10.97% | 10.35% | |
56 Neutral | HK$30.00B | 5.55 | -11.87% | 5.92% | -1.98% | -49.13% | |
52 Neutral | HK$129.17B | 10.53 | 71.16% | 2.39% | 4.17% | -14.33% | |
43 Neutral | HK$13.71B | -39.90 | -3.22% | ― | -3.01% | -15200.00% |
* Consumer Cyclical Sector Average
HK:0200
Melco International
3.82
0.12
3.24%
HK:0880
SJM Holdings
1.91
-0.44
-18.72%
HK:2282
MGM China Holdings
10.85
0.35
3.35%
HK:0027
Galaxy Entertainment Group
33.26
2.63
8.59%
HK:1928
Sands China
15.72
0.66
4.37%
HK:1128
Wynn Macau
5.67
0.60
11.83%
Melco International Corporate Events
Melco Resorts’ Q1 Earnings Climb on Mass-Market Strength Despite Cyprus Headwinds
Apr 30, 2026
Melco Resorts Entertainment reported first-quarter 2026 operating revenue of US$1.37 billion, up about 11% year on year, driven mainly by stronger mass-market operations, with operating income rising to US$179 million and adjusted property EBITDA...
Melco Resorts Posts Strong Q1 2026 and Launches New US$500 Million Buyback
Apr 30, 2026
Melco Resorts Entertainment, the Nasdaq‑listed subsidiary of Melco International, reported a strong first quarter for 2026, underscored by improved mass‑market gaming performance across its integrated resort portfolio. Total operating...
Melco International Reshapes IP Holdings in US$375 Million Intra-Group Deal
Apr 30, 2026
Melco International has agreed to transfer full ownership of an internal intellectual property holding company to Melco Resorts for US$375 million in cash, payable in two instalments. The target, which holds a portfolio of trademarks licensed to t...
Melco International Sets June 2026 Virtual AGM, Seeks Renewal of Share Issuance and Buy-back Mandates
Apr 28, 2026
Melco International Development has called its 2026 annual general meeting for 8 June, to be held electronically via the Vistra eVoting Portal, where shareholders will receive the 2025 audited financial statements and vote on governance matters. T...
Melco International Strengthens Governance With Formal Audit Committee Mandate
Apr 1, 2026
Melco International has formalised detailed terms of reference for its Audit Committee, defining its composition, responsibilities and powers in line with Hong Kong Stock Exchange governance requirements. The committee must comprise at least three...
Melco International Strengthens Board Oversight With New Nomination and Governance Mandate
Apr 1, 2026
Melco International has formalized the terms of reference for its Nomination and Corporate Governance Committee, setting clear rules on its composition, authority and procedures. The committee must have at least three directors with a majority of ...
Melco International Swings to 2025 Profit on Strong Casino Recovery
Mar 31, 2026
Melco International reported net revenues of HK$40.24 billion for 2025, up 11.2% year on year, driven mainly by stronger casino and hospitality performance. Adjusted EBITDA rose to HK$10.62 billion as operating income more than doubled, reflecting...
Melco International Sets Board Meeting to Approve 2025 Final Results
Mar 18, 2026
Melco International Development Limited has scheduled a board meeting for 31 March 2026 to approve the release of its audited final results for the year ended 31 December 2025. The timing signals the company is moving toward closing its 2025 finan...
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.