China International Capital Corporation (CICC) stated that MGM China's performance continues to lead, with second-quarter revenue recovering to 144% of the same period in 2019.
Zhitong Finance learned from a CICC research report that due to faster-than-expected gambling revenue growth, adjusted EBITDA forecasts for MGM China (02282) in 2024 and 2025 have been raised by 3% and 2%, respectively, which is expected to reach 9.405 billion and 10.807 billion yuan. The group maintains its 'outperform industry' rating and a target price of HKD 18.8.
The bank said that MGM China's performance continues to lead, with second-quarter revenue recovering to 144% of the same period in 2019. Adjusted EBITDA increased by 40% year-on-year to 2.443 billion yuan, reaching 168% of the same period in 2019, and were higher than the market and CICC forecasts of 2.25 billion and 2.379 billion yuan, respectively.
