CICC: MGM CHINA 1Q Adjusted EBITDA Beats Expectations
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CICC reported that MGM CHINAachieved a net revenue of HKD8.767 billion in Q1, a 10% YoY increase but a 9% QoQ decrease, recovering to 152% of Q1 2019 levels. Adjusted EBITDA was HKD2.458 billion, up 4% YoY and down 11% QoQ, surpassing expectations of HKD2.35 billion. The broker maintained its EBITDA forecasts for 2026 and 2027, keeping an Outperform rating with a target price of HKD16.1.
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