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JPM: MGM CHINA (02282.HK) 1Q EBITDA 5% Above Market Forecast, Rated Neutral
JPM said in a research report that MGM CHINA (02282.HK)'s 1Q EBITDA exceeded market expectations by 5%. After adjusting for luck factor, EBITDA reached a record high of HKD2.6 bill...
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JPM: MGM CHINA (02282.HK) 1Q EBITDA 5% Above Market Forecast, Rated Neutral
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JPM said in a research report that MGM CHINA (02282.HK)  +0.040 (+0.367%)    Short selling $30.64M; Ratio 51.038%   's 1Q EBITDA exceeded market expectations by 5%. After adjusting for luck factor, EBITDA reached a record high of HKD2.6 billion, up 13% YoY and 2% QoQ. However, the bank noted that the company's share price has fallen 22% over the past six months, mainly due to the license fee hike in December last year and the disappointing dividend policy announced last month, which have affected market perceptions of its corporate governance and shareholder friendliness.

JPM maintained a Neutral rating on MGM CHINA with a TP of HKD13.2. The bank believes the valuation has become attractive, trading at 6 to 7x enterprise value multiple, equivalent to 9 to 10x PE, and implying a forecast dividend yield of over 5% for 2026. (hc/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.)

Related NewsHSBC Research: Macau Avg Daily GGR in First 10 Days of May Flat; Bullish on SANDS CHINA LTD (01928.HK), GALAXY ENT (00027.HK) and MGM CHINA (02282.HK)

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