MGM China's First-Quarter Property EBITDA Exceeds Expectations, Says CLSA

Stock News04-30 13:50

CLSA reported that MGM CHINA (02282) achieved a property EBITDA (excluding brand license fees) of HK$2.458 billion in the first quarter, representing a 4% year-on-year increase. This figure surpassed market and the firm's own expectations by 5% to 6%. The company's share of gross gaming revenue during the quarter met expectations, while operating expenses at MGM Cotai were lower than anticipated. CLSA noted that the current share price implies a 2026 forecast enterprise value to EBITDA multiple of 7.3 times, with a projected dividend yield of 5.6%. The brokerage maintained its "Outperform" rating with a target price of HK$19.2. During the period, the overall property EBITDA margin narrowed by 1.6 percentage points year-on-year to 28%, yet remained at the high end of the 26% to 29% range. Although revenue share was impacted by a lower-than-normal win rate in the VIP segment during February, it recovered to 17% in March and remained stable in April.

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