Citi lowered its target price for Melco Int'l Development (00200) to HK$23 from HK$30 and maintained its "buy" rating.
The research house said upon completion of the sale of CoD Mediterranean to MLCO, Melco's structure would be more streamlined, with all casino operations being held at the MLCO level. This should lead to a narrowing of Melco's deep NAV discount (currently at ~32%). They reduce the TP after marking the group's interest in MLCO to market.
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