MGM China Holdings Limited (HK:2282)
:2282
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MGM China Holdings
(2282)
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Rating:61Neutral
Price Target:
HK$12.00
▲(7.53% Upside)
Action:DowngradedDate:04/05/26
The score is led by improved profitability and strong cash flow, but is held back by high leverage and a thin equity buffer (balance-sheet risk) plus weak technical momentum. Valuation is a positive offset given the low P/E and high dividend yield.
Positive Factors
Free cash flow generation
Consistently positive FCF through 2023–2025, with 2025 FCF rising ~20% and FCF ~82% of net income, indicates strong cash conversion capacity. This durable cash generation supports debt repayment, dividends and reinvestment, improving financial flexibility over the medium term.
Negative Factors
High leverage
Elevated debt (~HKD19.2B) and a ~5.9 debt-to-equity ratio materially constrain financial flexibility. High leverage increases interest and refinancing risk, limiting runway for discretionary investment or sustained dividend policy if operating conditions deteriorate over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Consistently positive FCF through 2023–2025, with 2025 FCF rising ~20% and FCF ~82% of net income, indicates strong cash conversion capacity. This durable cash generation supports debt repayment, dividends and reinvestment, improving financial flexibility over the medium term.
Read all positive factors
MGM China Holdings (2282) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$42.41B
Dividend Yield5.73%
Average Volume (3M)7.48M
Price to Earnings (P/E)9.8
Beta (1Y)0.75
Revenue Growth5.59%
EPS Growth-4.38%
CountryHK
Employees13,327
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.40
Shares Outstanding3,800,000,000
10 Day Avg. Volume8,615,955
30 Day Avg. Volume7,480,770
Financial Highlights & Ratios
PEG Ratio0.91
Price to Book (P/B)15.35
Price to Sales (P/S)2.56
P/FCF Ratio6.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$15.20Price Target Upside36.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.35
Revenue Forecast (FY)HK$36.21B
MGM China Holdings Business Overview & Revenue Model
Company Description
MGM China Holdings Limited, an investment holding company, engages in the development, ownership, and operation of gaming and lodging resorts in the Greater China region. The company develops and operates casino games of chance and other casino ga...
How the Company Makes Money
MGM China primarily makes money by operating integrated resorts in Macau, generating revenue from a mix of casino gaming and non-gaming hospitality activities. (1) Casino gaming is the core revenue driver: the company earns gaming revenue from cus...
MGM China Holdings Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
39
Negative
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 31.83B | 19.43B | 31.39B | 24.68B | 5.27B | 9.41B |
| Gross Profit | 17.99B | 10.70B | 11.87B | 19.67B | -419.99M | 1.58B |
| EBITDA | 8.10B | 8.89B | 8.17B | 6.45B | -1.52B | -287.02M |
| Net Income | 4.30B | 5.07B | 4.60B | 2.64B | -5.23B | -3.85B |
Balance Sheet | ||||||
| Total Assets | 30.86B | 29.67B | 30.60B | 29.18B | 31.21B | 28.44B |
| Cash, Cash Equivalents and Short-Term Investments | 5.52B | 4.40B | 5.32B | 4.23B | 6.71B | 3.11B |
| Total Debt | 21.82B | 19.17B | 23.15B | 24.30B | 32.92B | 24.15B |
| Total Liabilities | 28.90B | 26.43B | 30.08B | 30.51B | 35.21B | 27.24B |
| Stockholders Equity | 1.97B | 3.25B | 527.53M | -1.33B | -4.00B | 1.20B |
Cash Flow | ||||||
| Free Cash Flow | 5.97B | 7.17B | 5.52B | 7.91B | -2.41B | -977.32M |
| Operating Cash Flow | 7.73B | 8.74B | 6.72B | 8.27B | -2.11B | -449.61M |
| Investing Cash Flow | -1.84B | -1.64B | -1.52B | -124.64M | -1.32B | -518.49M |
| Financing Cash Flow | -4.82B | -8.09B | -5.66B | -10.62B | 7.04B | 1.44B |
MGM China Holdings Technical Analysis
Negative
11.16
Price Trends
12.45
Negative
13.77
Negative
14.37
Negative
Market Momentum
-0.43
Positive
39.16
Neutral
44.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2282, the sentiment is Negative. The current price of 11.16 is below the 20-day moving average (MA) of 11.70, below the 50-day MA of 12.45, and below the 200-day MA of 14.37, indicating a bearish trend. The MACD of -0.43 indicates Positive momentum. The RSI at 39.16 is Neutral, neither overbought nor oversold. The STOCH value of 44.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$157.41B | 15.71 | 13.12% | 3.06% | 4.94% | 15.38% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$42.41B | 9.82 | 344.91% | 5.73% | 5.59% | -4.38% | |
61 Neutral | HK$29.79B | 19.06 | -11.87% | 5.92% | -4.41% | -31.45% | |
52 Neutral | HK$138.56B | 22.71 | 71.16% | 2.39% | -3.13% | -13.65% | |
45 Neutral | HK$9.53B | 5.80 | -35.39% | ― | 13.18% | 86.18% | |
40 Neutral | HK$15.13B | -39.90 | -3.15% | ― | 12.29% | 98.20% |
* Consumer Cyclical Sector Average
HK:2282
MGM China Holdings
11.16
2.50
28.88%
HK:0880
SJM Holdings
2.13
0.13
6.50%
HK:0200
Melco International
4.20
1.74
70.73%
HK:0027
Galaxy Entertainment Group
35.96
10.41
40.76%
HK:1928
Sands China
17.12
4.14
31.87%
HK:1128
Wynn Macau
5.66
1.13
25.08%
MGM China Holdings Corporate Events
MGM China Sets 2026 AGM to Approve Dividend, Board Mandates and Share Issuance Authority
Mar 30, 2026
MGM China Holdings has called its annual general meeting for May 14, 2026, at MGM Cotai in Macau, where shareholders will review the audited financial statements and director and auditor reports for the year ended December 31, 2025. The board is a...
MGM China Tightens Audit Committee Mandate and Governance Standards
Mar 19, 2026
MGM China Holdings has updated the terms of reference for its Audit Committee to strengthen oversight of risk management, internal controls and financial reporting across the group. The committee is tasked with ensuring the integrity of financial ...
MGM China Refines Board Nomination and ESG Committee Mandate
Mar 19, 2026
MGM China Holdings has updated the terms of reference for its Nomination, Environmental, Social and Governance Committee to refine how it oversees board composition and ESG matters. The committee is tasked with annually reviewing the structure, si...
MGM China Lifts 2025 Profit and Declares Higher Shareholder Payouts
Mar 19, 2026
MGM China reported solid growth for the year ended December 31, 2025, with casino revenue rising to HK$30.47 billion and total operating revenue reaching HK$34.79 billion. Profit attributable to shareholders increased to HK$5.07 billion, lifting b...
MGM China Declares HK$0.353 Final Dividend for 2025
Mar 19, 2026
MGM China Holdings Limited has declared a final ordinary cash dividend of HKD 0.353 per share for the financial year ended 31 December 2025, with payment scheduled for 3 June 2026. The dividend, subject to shareholder approval on 14 May 2026, refl...
MGM China Sets March 2026 Board Meeting to Approve 2025 Results and Consider Dividend
Mar 9, 2026
MGM China Holdings Limited has scheduled a board meeting for March 19, 2026 to review and approve its annual results for the financial year ended December 31, 2025. At the same meeting, the board will also consider recommending a final dividend, i...
MGM China Warns Investors Over Comparability of Parent’s U.S. Filings
Feb 11, 2026
MGM China Holdings has informed the market that its controlling shareholder, MGM Resorts International, has released its audited annual report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commissio...
MGM China Warns on Non-Comparability of Parent’s Unaudited 2025 Results
Feb 5, 2026
MGM China Holdings has notified investors that its controlling shareholder, MGM Resorts International, has released unaudited fourth-quarter and full-year 2025 results in the United States, which include financial information about MGM China prepa...
MGM China Posts Higher 2025 Revenues as Trading Resumes in Hong Kong
Feb 5, 2026
MGM China Holdings has disclosed preliminary unaudited financial figures for the fourth quarter and full year ended 31 December 2025, as extracted from its controlling shareholder MGM Resorts International’s earnings release filed in the Uni...
MGM China Requests Trading Halt Pending Price-Sensitive Financial Disclosure
Feb 5, 2026
MGM China Holdings Limited has requested a halt in trading of its shares and listed debt securities on the Hong Kong Stock Exchange from 9:00 a.m. on 5 February 2026, citing the pending release of price-sensitive inside information related to cert...
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.