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JPM: MGM CHINA (02282.HK) 1Q EBITDA 5% Above Market Forecast, Rated Neutral
Recommend 4 Positive 7 Negative 5 |
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JPM said in a research report that MGM CHINA (02282.HK)'s 1Q EBITDA exceeded market expectations by 5%. After adjusting for luck factor, EBITDA reached a record high of HKD2.6 billion, up 13% YoY and 2% QoQ. However, the bank noted that the company's share price has fallen 22% over the past six months, mainly due to the license fee hike in December last year and the disappointing dividend policy announced last month, which have affected market perceptions of its corporate governance and shareholder friendliness. JPM maintained a Neutral rating on MGM CHINA with a TP of HKD13.2. The bank believes the valuation has become attractive, trading at 6 to 7x enterprise value multiple, equivalent to 9 to 10x PE, and implying a forecast dividend yield of over 5% for 2026. (hc/da) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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