Lyon: MGM China (02282) rated as "outperform the market" with a target price of HK$11.9.

Lyon released a research report stating that MGM CHINA (02282) has been rated as "outperform the market", believing that MGM has a solid balance sheet and strong ability to generate recurring cash flow. The target price is 11.9 Hong Kong dollars. The report also mentioned that MGM CHINA's property EBITDA in the fourth quarter of last year increased by 7% to 2.126 billion yuan, exceeding market and the bank's expectations by about 4% to 5%. The market share of gaming revenue remained stable at 15.5%, and the EBITDA profit margin slightly decreased by 0.5 percentage points to 26.8%.