Management emphasized that although it was not a peak season, the market share in January was above 20%, compared to 16.3% in the fourth quarter of last year, driving EBITDA above the level of October last year.
The Zhitong Finance App learned that UBS released a research report stating that it gave MGM China (02282) a “buy” rating, with a target price of HK$14.3. Management expects that the company's gross profit will remain stable over the next few quarters, and that the proportion of promotional expenses in revenue will also remain stable. Management emphasized that although it was not a peak season, the market share in January was above 20%, compared to 16.3% in the fourth quarter of last year, driving EBITDA above the level of October last year.
The company's adjusted property EBITDA for the fourth quarter of last year was US$281 million, up about 16% from quarter to quarter, and about 141% for the same period in 2019. The property EBITDA after adjusting for VIP room win rate was approximately US$278 million, higher than market expectations of US$258 million. The overall market share during the quarter increased by about 2 percentage points to about 16.3%, mainly due to strong growth in midfield gaming revenue, which increased by about 24% quarterly, equivalent to about 163% in the same period in 2019.