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00200 MELCO INT'L DEV
RTNominal up5.430 +0.140 (+2.647%)
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09/10/2018 17:10

[I-bank focus]Citi cuts Melco Int'l Dev (00200) to HK$25

[ET Net News Agency, 9 October 2018] Citi Research lowered its target price for Melco
International Development (00200) to HK$25 from HK$27, and maintained its "buy" rating.
The research house said Melco is trading at a deep 46% NAV discount.
Citi expects MLCO (Melco Resorts & Entertainment) to report 3Q revenue of US$1,232m
(-11% YoY and flat QoQ) and property EBITDA of US$338m (-15% YoY and -5% QoQ). It expects
CoD's EBITDA to be largely flat QoQ at US$172m, reflecting low hold rates, the early
adoption of smoking ban at Bird Cage and the 14th month staff bonus (~US$20m on our
estimates). (KL)

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