HSBC Global Research lowered its target price for MGM China (02282) to HK$9.3 from HK$10.8 and downgraded its rating to "hold" from buy".
The research house cut its FY2020 GGR growth rate forecast to -80% (from -64%). HSBC thinks near-term uncertainty in both supply and demand, especially from high-end segments, will cap the recovery pace.
HSBC continues to think that its new Cotai capacity is well-positioned to capture market share if management can persist in efficiently ramp up the property. Key challenges lie in how to defend market share amid the next openings in FY2021. It changed FY2020 and FY2021 EBITDA by -262% and -30%, respectively.
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