HSBC: Wynn Macau (02282.HK) rated "Neutral" with a target price of 13.2 Hong Kong dollars.

According to the Zhixun Finance and Economics APP, J.P. Morgan has issued a research report stating that it gives a "neutral" rating to MGM China (02282.HK) with a target price of 13.2 Hong Kong dollars. The bank believes that the valuation is attractive based on an enterprise value multiple of 6 to 7 times, a price-earnings ratio of 9 to 10 times, and a dividend yield forecast of over 5% by 2026. MGM China's first-quarter EBITDA exceeded market expectations by 5%, with adjusted EBITDA reaching a record high of 2.6 billion Hong Kong dollars, a year-on-year increase of 13% and a quarterly increase of 2%. The bank points out that the company's stock price has fallen by 22% in the past six months, mainly due to the increase in license fees in December of last year and the disappointing dividend policy last month, which has affected market perceptions of its corporate governance and shareholder friendliness.