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<Research>CLSA: MGM CHINA (02282.HK) 1Q Results Good; EBITDA Beats Forecasts
Recommend 9 Positive 12 Negative 5 |
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MGM CHINA (02282.HK) reported a 14% QoQ increase in 1Q24 property EBITDA, beating both market consensus and CLSA's forecast by 5-6%, CLSA issued a research report saying. The Company's GGR market share grew further, despite lower-than-normal VIP win rate during the quarter. MGM CHINA benefited from its business in the Macau peninsula as the Company's overall EBITDA margin expanded to 30.3% in 1Q24, CLSA added. Of which, market share in April was slightly higher than the March level. CLSA said that MGM CHINA is its top pick in the gaming sector, and rated the stock at Buy, with a target price of $16.8. AAStocks Financial News |
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