Citi: MGM China (02282.HK) Q2 property EBITDA beats expectations, target price HKD 13.7.

According to the Zhitong Financial APP, Citigroup has released a research report stating that MGM China (02282.HK) experienced a 7% year-on-year decline in property EBITDA for the second quarter and a 5% quarter-on-quarter decline, which is 3% and 1% higher than the bank and market expectations, respectively; net income remained approximately flat year-on-year. The bank mentioned that MGM China's management is confident in maintaining the property EBITDA profit margin at a high level of around 20% and noted that gaming revenue began to recover in the second week of July when only a few matches remained in the World Cup. The bank maintains a "Buy" rating for the company with a target price of HKD 13.7.