CLSA: MGM CHINA 1Q Property EBITDA Beats Expectations
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CLSA reported that MGM Chinaexceeded expectations with a 4% YoY increase in 1Q property EBITDA, reaching HKD2.458 billion, which is 5% to 6% above market forecasts. The property EBITDA margin narrowed to 28%, but remains within the expected range. Despite a dip in VIP win rates in February, shares rebounded in March and April. CLSA maintains an Outperform rating with a target price of HKD19.2, noting a projected dividend yield of 5.6%.
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