Lyon: MGM China (02282) first-quarter property EBITDA beats expectations.

According to the Wisdom Financial APP, a report released by Lyon stated that MGM China (02282) saw a 4% year-on-year increase in first-quarter property EBITDA (excluding brand licensing fees) to 2.458 billion yuan, exceeding market and the bank's expectations by 5% to 6%. The first-quarter share of total gaming revenue met expectations, while the operating expenses of MGM Cotai were lower than expected. The bank stated that the current stock price is equivalent to a 7.3 times EV/EBITDA multiple for the forecasted enterprise value in 2026, with a predicted dividend yield of 5.6%; it maintains an "outperform" rating with a target price of 19.2 Hong Kong dollars.