[ET Net News Agency, 11 December 2017] Credit Suisse lifted its target price for MGM
China (02282) to HK$27 from HK$18.8, and upgraded its rating to "outperform" from
"neutral".
The research house likes the MGM management team which demonstrated consistency and
discipline to deliver profitable growth. Longer term, Credit Suisse believes its Cotai
project (scheduled on 29 Jan 2018) should double its current capacity will give MGM the
strongest earnings growth potential among peers.
That said, Credit Suisse believes it will take time for MGM Cotai to gradually realise
its earnings potential. It suggested that investors accumulate MGM for its long-term
growth over 1H 2018 as MGM Cotai ramps.
Credit Suisse believes MGM gained share both for VIP (new junket signed up) and mass
(normalisation of mass hold rate) in 4Q. Against the industry's 11% expected QoQ GGR
growth in 4Q, it expects MGM to deliver a stronger 20% growth to US$150-160mn, the
strongest sequential growth among the operators. (KL)
樂本健【秋日開倉26 - 27/9】保健品低至$20！► 火速行動
