CICC: Maintains MGM China (02282.HK) "Outperform" rating and HK$11 target price; high-end customer betting volume and visitation remain strong.

Zhitong Finance APP has learned that CICC issued a research report stating it maintains an "Outperform Industry" rating and a target price of HK$11 for MGM China (02282.HK). The company's third-quarter net revenue was RMB 8.926 billion, up 5% year-on-year and 3% quarter-on-quarter, reaching 155% of the same period in 2019; adjusted EBITDA was RMB 2.395 billion, up 1% year-on-year and 3% quarter-on-quarter, also recovering to 155% of the same period in 2019, higher than the market forecast of RMB 2.297 billion, mainly driven by an increase in gross gaming revenue market share and better profitability across business segments.