As pointed out by Morgan Stanley, the third quarterly property EBITDA of MGM CHINA (02282.HK)  +0.900 (+3.727%)    Short selling $1.52M; Ratio 2.124%   recorded an increased of 1% seasonally to HK$1.774 billion, which was significantly higher than the market estimates. The EBITDA margin expanded by 140 bps quarter-on-quarter to 28.8%. Morgan Stanley lifted the projected EBITDA in 2014-15 by 5%. The target price of MGM was increased from HK$26.5 to HK$28, reiterating the rating of Overweight. This was mainly due to the strong execution, solid long-term prospect and attractive valuation of MGM. The stock is trading at 14.8x of 2015 projected P/E which was the second lowest among Macau gaming shares.