Todd Bishop
MGM China announced its second quarter results. During the period, the total adjusted EBITDA was 1.458 billion yuan, up 41.35% year-on-year, and the total revenue was 5.535 billion yuan, up 25.7%.
In the first half of the year, the adjusted EBITDA was 3.077 billion yuan, up 33.33% year-on-year; the total revenue was 11.297 billion yuan, up 24.55%.
According to a report issued by Moto, MGM China’s second-quarter EBITDA is better than market expectations. The project is expected to boost profitability. The company’s valuation is also at a low level, optimistic about the outlook for the second half and next year.
The bank reiterated its “overweight” rating and maintained one of the top picks in the industry.
MGM China closed at 13.78 yuan at noon, up 0.58%.
