Citi lowered its target price for MGM China Holdings (02282) to HK$14 from HK$17 and upgraded its rating from "neutral" to "buy".
The research house said they lower the TP to reflect the lowered target multiple and the lowered GGR and EBITDA forecasts. Based on their estimates, 3Q19 was the first time in MGM China's history where it garnered a ~10% market share in Macau, and they believe it can be attributed to the recent opening of its Mansion products. While MGM Cotai took more time to ramp up vs. its peers, they believe it is finally approaching the sweet spot.
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