Jefferies Initiates Coverage on MGM CHINA with Buy Rating, Sets Target at HK$16.4

Stock News04-30 16:34

Jefferies has issued a research report indicating that MGM CHINA (02282) recorded an adjusted EBITDA of HK$24.6 billion for the first quarter, representing a 4% increase year-on-year but an 11% decline quarter-on-quarter. Revenue stood at HK$88 billion, up 10% compared to the same period last year, though down 9% from the previous quarter. The company's market share was 15.7%, unchanged from a year earlier but 0.9 percentage points lower than the fourth quarter of last year. However, it improved to 17.3% in March and remained stable in April. Jefferies has assigned a "Buy" rating to MGM CHINA with a target price of HK$16.4. Management at MGM views Macau as a high-end driven market, emphasizing the delivery of premium products and services. The company has completed renovations of high-end gaming areas and 63 new luxury suites at MGM Cotai and has opened a new 40,000-square-foot premium gaming space. Additionally, MGM is in the design phase for renovating 100 suites at MGM Macau, along with upgrading gaming spaces and dining venues.

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