DAMO: MGM China (2282.HK) beat expectations for EBITDA last quarter, maintaining a rating that is in line with the market

author：Finance 2022-02-10 16:33:00

Morgan Stanley reported that MGM China (2282.HK) property EBITDA for the fourth quarter of last year was HK$89 million, down 11% quarter-on-quarter, excluding a positive win rate of HK$27 million and closing intermediary-related bad debt expense of HK$93 million, and quarterly EBITDA is expected to be about $155 million, up 53% quarter-on-quarter, 10% for the same period in 2019, better than the bank and the market expectation of more than 20%.

The bank mentioned that the Group's closing market share increased to a new high of 14%, mainly driven by the increase in midfield market share and the quarter-on-quarter increase of 18% midfield revenue, which was 52% in the same period in 2019.

Damo maintains MGM China's "in sync with the broader market" rating and target price of HK$5.5.

This article originated from Grand Gateway

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DAMO: MGM China (2282.HK) beat expectations for EBITDA last quarter, maintaining a rating that is in line with the market

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