MGM China is an attractive growth story among Macau's six licence holders.
We plan to raise MGM China’s FVE to HKD 21.0 per share from HKD 17.0 per share, due to higher confidence in MGM Cotai’s potential and raised Macau 2017 industry gross gaming revenue forecast to 10% from 6% previously. MGM China is the only undervalued stock in our Macau gaming coverage at the moment. We advise long-term investors to build a position in the shares that have recently pulled back, as we see the opening of MGM Cotai in the fourth quarter this year serving as the catalyst for shares....MGM China Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the development and operation of casino games of chance and other casino games and the related hotel and resort facilities in Macau. Co. operates in one business segment, being the management of casino, hotel and food and beverage operations.
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