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<Research>Macquarie Lifts MGM CHINA TP to $19.8; Positive Surprise on 1Q Margin
Recommend 5 Positive 7 Negative 4 |
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In a research report released by Macquarie, MGM CHINA (02282.HK)'s 1Q24 VIP, mass and overall GGR reached 56%, 213% and 141% of 2019 levels respectively, while Macau's overall GGR recovered to 75% of the level. During the period, MGM CHINA's adjusted property EBITDA spiked by 77% YoY to $2.5 billion, topping street consensus by 11%. The adjusted property EBITDA margin added by 1.1 ppts YoY to 30.3%, surpassing street consensus by 2.7 ppts. Macquarie said MGM CHINA's market share was 17% in 1Q24. April's market share was up narrowly from 15.8% in March due to strong premium mass drop. The broker believed that the group was well positioned to consistently achieve its market share target. In addition, the group's management commented that bookings for the Labor Day holiday remained strong, even better than the Golden Week in October 2023. Macquarie raised its net profit forecasts of the group for FY24 and FY25 by 11.5% and 8.9%, respectively, to factor in the higher GGR forecasts. The broker also lifted its TP from $18.1 to $19.8 on MGM CHINA, with an Outperform rating. AAStocks Financial News |
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