[ET Net News Agency, 27 February 2020] J.P. Morgan lowered its target price for Melco
International Development (00200) to HK$23.5 from HK$26 and maintained its "overweight"
rating.
For investors who don't trade US-listed stocks, the research house views Melco
International as providing "cheaper access" to MLCO (Melco Resorts & Entertainment), i.e.,
the value of its stake in MLCO is currently worth US$5.3bn, which is already 60% higher
than its own market cap.
This is despite the fact that MLCO stock itself is already one of the cheapest in the
sector, trading at a compelling 9x 2021 EV/EBITDA on FY2020. JPM thus believes the >30%
NAV-discount that Melco Int'l additionally offers provides further support. (KL)
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00200 MELCO INT'L DEV
Nominal 
5.020 -0.080 (-1.569%) Research Report
27/02/2020 15:19
{I-bank focus}JP Morgan trims Melco Int'l (00200) to HK$23.5
| Remark: | Real time quote last updated: 19/04/2024 15:54 |
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