Good results slightly ahead of consensus MGM China reported pre-branding property EBITDA of US$220m, +10% YoYand +13% QoQ. This is inline with our US$222m and slightly ahead of consensusestimates of cUS$210m. VIP volumes grew +34% YoY, outpacing market growthof +9-10% as the new VIP product added in Q312 continues to prove immenselysuccessful. Mass/slot revenue growth of +22% (market +27%) is also impressivein our opinion, given the addition of significant competition in the interim period. Earning above fair share Management’s strong execution enables the property to continue to earn above its“fair share”. We estimate MGM owned 10%/5.5% of VIP/mass tables in Q2, butachieved VIP volume/mass revenue share of 11%/7.4% respectively. We also notethat to sufficiently resource its VIP expansion, MGM’s allocation of table to massarea is actually down 9% YoY yet revenue grew +29%, in line with market growth. Interim dividend announced The Company declared a regular interim dividend of HK$0.23/sh, representing apayout ratio of 35% on interim earnings, in line with the dividend policyannounced in Feb 2013. We expect the company to declare another tranche ofregular dividend based on H213 earnings (35% payout), plus a special dividend,when it announces its FY13 in Feb 2014. Our FY13 total DPS forecast isHK$0.97/sh. Valuation: Neutral, PT HK$21.7 Our SOTP-derived PT is based on target 11.5x 2013E EBITDA, with HK$2.6/shfor Cotai project.