MGM China Continues to Be Undervalued for Long-Term Investors
We are maintaining narrow-moat MGM China’s fair value estimate of HKD 21.5 and think shares are undervalued. Our fair value estimate incorporates a downturn and license renewal risks in the form of higher gaming taxes in the next few years. We think total social financing growth will slow down, and export and business confidence will weaken because of the trade war between the United States and China. We believe that will certainly put pressure on MGM China’s earnings in the near term. Neverthel...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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