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Research Report

24/05/2021 17:55

{I-bank focus}Morgan cuts MGM China (02282) to HK$10

[ET Net News Agency, 24 May 2021] Morgan Stanley cut its target price for MGM China
Holdings (02282) to HK$10 from HK$13 and maintained its "underweight" rating.
The research house continues to believe MGM has a higher chance of market share loss
amidst new capacity being added by peers due to the weaker positioning of its properties.
Morgan cut down its 2021 and 2022 EBITDA by 48% and 12%, respectively. However, it
increased its 2023 EBITDA by 8% as its Cotai property should continue to ramp (yet at a
slower rate than other new properties by peers). Its EPS estimates are 60% and 36% lower
for 2021 and 2022 but 14% higher for 2023.
Morgan cut its 2021 GGR estimates by 19%. It now expects 2021 GGR to be at 45% of 2019.
Mass and VIP estimates are 23% and 5% lower, to 55% and 27% of 2019, respectively. Its
2022 GGR is also 17% lower to 81% of 2019's level. These are to reflect the prolonged
travel restrictions and uncertainty in travel easing between Mainland, HK, and Macau. (KL)

Remark: Real time quote last updated: 03/12/2021 18:00
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