MGM China’s FVE Maintained at HKD 21.00; Weakness Expected Before MGM Cotai Opening
We maintain MGM China’s fair value estimate at HKD 21.00 per share, and view the firm as fairly valued. We now assume 2017 net revenue to be HKD 14 billion (3% year-over-year drop) and adjusted EBITDA before license fees to be HKD 4.3 billion (4% decline). Our five-year revenue and adjusted EBITDA CAGR are 13% and 14%, respectively, driven by improving infrastructure and the opening of MGM Cotai. MGM China’s third-quarter results echoed the comment from SJM (which also doesn’t yet have a presenc...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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