CICC: Maintains Melco International Development (00200.HK) "Neutral" rating, target price HK$2

Zhitong Finance APP has learned that CICC issued a research report stating that it maintains a "Neutral" rating and a target price of HK$2.00 for Melco International Development (00200.HK), corresponding to a target price of US$4.00 for Melco Resorts & Entertainment (MLCO.US) and a -60% NAV discount, implying 18% downside from the current share price. The bank maintains its 2026 and 2027 EBITDA forecasts for Melco International Development unchanged. Melco Resorts & Entertainment's group property adjusted EBITDA for the third quarter of 2026 was US$288 million, broadly in line with the Visible Alpha consensus estimate of US$289 million. The bank believes that the company's pressured results were mainly due to a decline in its share of total gaming revenue.