UBS: MGM CHINA (02282) Q3 results in line with expectations; maintain "Buy" rating with target price of HK$13.6

UBS issued a research report maintaining a "Buy" rating on MGM CHINA (02282) with a target price of HK$13.6. The company's adjusted property EBITDA in the third quarter grew approximately 1% year-on-year; after adjusting for VIP room win rate, EBITDA was approximately US$290 million, in line with the bank's and market expectations. The group continued to expand its market share in the third quarter, reaching 17.1%, up approximately 80 basis points quarter-on-quarter. The bank noted that MGM CHINA management stated that the market share advantage has extended into the early part of the fourth quarter, with strong business performance from October to date, and reiterated its margin guidance of mid-to-high 20s percentage range.