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BofAML lifts MGM China (02282) to HK$26
BofA Merrill Lynch lifted its target price for 
MGM China Holdings (02282) to HK$26 from HK$25.8, and reiterated its "neutral" rating.
  The research house said MGM China's 4Q 2017 adjusted property EBITDA of
US$166mn/HK$1,295mn (+9% YoY and +23% QoQ), which beat BofAML's estimates by 6%. The beat
was from better than expected VIP and mass revenue. Overall, MGM has gained market share 
by 50bps from 6.7% in 3Q 2017) to 7.2% in 4Q 2017.
  BofAML noted that MGM Cotai has 900 rooms available currently and will have all the
rooms opened in spring. Traffic has been strong in the past week since opening on 13 
February. It has gained good popularity on social media. Mass table yields are close to
that in MGM Peninsula which shows its initial success in targeting the mid premium mass
market

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