MGM China 2282

MGM China 2282

Postby winston » Mon May 23, 2011 2:58 pm

Not vested. Dont like their location and dont think they have a USP.

DJ MARKET TALK: Speculative Subscription To MGM China IPO-Celestial

1431 [Dow Jones] Celestial Securities advises speculative subscription to MGM China's (2282.HK) IPO, which kicks off its offering today; it says the company currently owns and operates MGM Macau, a premium integrated casino resort located on the Macau Peninsula.

The house says MGM China's indicative range of HK$12.36-HK$15.34 corresponds to an expected FY11 P/E of 16X-20X, which is at discount to other Macau rivals.

Benefiting from the rapid economic growth of China, the revenue for Macau's gaming industry is expected to rise; and "with the strong financial background, international reputation and expertise of MGM Resorts International, the company is expected to get a slice of the action," Celestial says.

But it adds that investors should be aware that the company's market share is only around 11% and it has only got one operating unit.

Source: Dow Jones Newswire
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Re: MGM China 2282

Postby winston » Wed Aug 08, 2012 2:33 pm

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MGM CHINA (02282) rated OW with TP cut to HK$18 by JPM

MGM CHINA (02282)'s second quarter adjusted EBITDA climbed 12% quarter-on-quarter to US$199 million, topping estimate mainly due to better product mix and write-back of credit provisions, said J.P. Morgan.

The broker believes MGM CHINA can have profit growth by improving product mix though the industry is facing fierce competitions and challenges.

MGM CHINA's spot price implies the lowest valuation among the sector, the broker said, adding the return rate on MGM CHINA is kept at 4%. MGM CHINA was maintained Overweight with target cut to HK$18 from HK$18.8.

In addition, the broker lowered its growth forecast of the Macau gaming industry for second half of 2012 to 14% from 24%.

SANDS CHINA LTD (01928) is its top pick in the sector, followed by WYNN MACAU (01128) and MGM CHINA (02282).

Source: AAStocks Financial News
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Re: MGM China 2282

Postby winston » Fri Oct 19, 2012 3:31 pm

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DJ MARKET TALK: Don't Get Too Excited About MGM's Cotai Approval -DB

1506 [Dow Jones] Deutsche Bank says Cotai approval for MGM China is "a nice surprise but don't get too excited."

It thinks Cotai can be worth HK$2.00/share but it is now too early to ascribe the full value as the opening is unlikely to be before mid-2016.

Based on the Wynn Macau's (1128.HK) experience, Wynn Macau's share price outperformed its Macau peers by 7 percentage points in the subsequent two weeks after its Cotai announcement on Sept. 12 2011; but within a month, the stock had given back all the gains as investors returned their focus to existing operations.


Source: Dow Jones & Company, Inc.
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Re: MGM China 2282

Postby winston » Wed Feb 18, 2015 5:48 am

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Main floor powers casino firm

MGM China (2282) yesterday said itsannual net profit rose 7 percent last year to HK$5.7 billion from 2013 despite a 1.1 percent slide in revenue to HK$25.5 billion.

A special dividend of 81.6 HK cents on top of a final dividend of 24.5 cents was declared, beating estimates.

Revenue from VIP gaming operations slumped 15.5 percent to HK$13.5 billion, but that from the main floor surged 34 percent to HK$9.6 billion.

The firm said it will reallocate tables to the main floor to maximize yield and profit when appropriate. Its new casino complex, MGM Cotai, remains on schedule to open next year.

Staff, meanwhile, have received a two-month bonus. The casino operator has also announced a special bonus, to be paid out in July, due to good business performance in the first half of last year.

The non-management employees received an annual bonus for the Lunar New Year earlier this month.

But brokers expect gloomy gross gaming revenue at Macau casinos this month. They forecast an average 40 percent tumble from a year ago.

Citi said in a report that average daily gaming turnover in the past week, the traditional sluggish period before the Lunar New Year holiday, saw a 13 percent drop from a week earlier.

Shares of MGM China rose 0.84 percent to HK$19.20 before the results came out.

Source: The Standard HK
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Re: MGM China 2282

Postby winston » Wed Jan 20, 2016 9:41 pm

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MGM China (2282 HK)

We expect the Gross Gaming Revenue (GGR) in 2H16 to rise 2% to 4% yoy, bringing full year GGR to a marginal fall of 3% to 5% yoy.

Although there is much scepticism on a GGR recovery in 2016, we expect the negative factors should be priced in as the sector experienced an average of 46% share price decline in 2015 while the Hang Seng Index only dropped 7.16% in the same period.

MGM China has the most balanced revenue mix with a niche in the premium mass market.

The EBITDA margin of MGM China has seen improvement, showing that it is capable in controlling costs when it faces downturns.

MGM Cotai will be opened in 4Q16 featuring 1,500 hotel rooms, 500 gaming tables and around 1,500 slot machines which could ease capacity constraints and enable MGM China to recover growth.

Source: UOBKH
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Re: MGM China 2282

Postby behappyalways » Sat Feb 20, 2016 12:07 pm

MGM Reports Surprise Loss as Gamblers Continue to Shun Macau
http://www.bloomberg.com/news/articles/ ... shun-macau
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Re: MGM China 2282

Postby winston » Fri Jun 09, 2017 2:08 pm

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MGM China: Market-Perform with TP HK$18.00

MGM China continues to show strength in Mass with outsized operational performance, strong Premium Mass execution, and a top-notch management team.

While the near-term may pose some headwinds from market share losses to Cotai properties and in VIP, over the long run the critical value driver will be execution of a successful ramp up of MGM Cotai.

MGM Cotai's opening (anticipated by the company to be in Q4 2017) will have the largest incremental expansion with respect to footprint, room inventory and gaming capacity (relative to other operators); however, full value from the property is still a ways off.

Risk of further delay and slow Cotai ramp up limits us from having a more bullish view at the current time.

Source: Bernstein
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Re: MGM China 2282

Postby winston » Fri Oct 06, 2017 3:32 pm

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<Research Report>M Stanley Trims M Stanley Trims MGM CHINA (02282.HK) Target to $21; Rated Overweight

Morgan Stanley, in its report, lowered the 2017-19 EBITDA forecast of MGM CHINA (02282.HK) by 2-4%, mainly because the opening of Cotai project will be postponed to 29 January 2018, as well as the potentially weaker 3Q17 results.

The broker said MGM CHINA's VIP business improvement can offset some of these negatives, and with 8% FCF returns and lowest valuation among peers, the broker reiterated Overweight but cut the target price from $22 to $21.

Source: AAStocks Financial News
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Re: MGM China 2282

Postby winston » Fri Oct 06, 2017 3:36 pm

Oct 4, 2017

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<Research Report>HSBC Downgrades MGM CHINA (02282.HK) to Hold; Trims Target to $18.3

HSBC, in its research report, said that the opening date for MGM CHINA (02282.HK) Cotai was postponed to 29 January 2018, which was scheduled at year-end originally, due to the impact of typhoon. The management hinted that the budget of the project may increase $1 billion.

The research house said that the delay will benefit the company since the new project will compete with the existing projects of the company which results in internal competition, especially at the initial stage after the launch.

The target price was trimmed to $18.3 from $19.9 and the investment rating was downgraded to Hold from Buy.

Source: AAStocks Financial News
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Re: MGM China 2282

Postby winston » Fri Oct 06, 2017 3:37 pm

Oct 3, 2017

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<Research Report>C Suisse Downgrades MGM CHINA (02282.HK) to Neutral with Target Cut to $19

Credit Suisse cut the EPS forecast on MGM CHINA (02282.HK) for 2017-19 by 14-19% with target price trimmed to $19 from $20.

The broker also downgraded the casino to Neutral from Outperform and said investors can wait for a better entry point.

Source: AAStocks Financial News
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