Melco’s Adjusted EBITDA Margin Rose on Efficiency Gain; Mass Business at Macau Slightly Disappointed
We have increased our fair value estimate for narrow-moat Melco Crown to USD 19 per share from USD 17 following the better-than-expected first-quarter results. First-quarter revenue and adjusted EBITDA came to 26%-27% of our full-year estimate. Despite a 647-basis-point increase in contribution from lower-margin VIP business, adjusted EBITDA margin increased to 25.1% from 22.8% in the fourth quarter, thanks to cost-saving and efficiency-enhancement measures. We were slightly disappointed to see ...
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