UBS: MGM China Q3 Results Meet Expectations, Maintains "Buy" Rating with HK$13.6 Target Price

Stock News10-29 15:40

According to a UBS research report, the bank maintains its "Buy" rating on MGM China (02282) with a target price of HK$13.6.

The company's adjusted property EBITDA for the third quarter grew approximately 1% year-on-year. After adjusting for VIP win rate, EBITDA came in at around US$290 million, which is in line with the bank's and market expectations.

The group continued to expand its market share in the third quarter, with market share reaching 17.1%, up about 80 basis points quarter-on-quarter.

The report noted that MGM China's management stated that the market share advantage has carried into the early part of the fourth quarter, with strong business performance from October to date, and reiterated its margin guidance of mid-to-high 20% range.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment