The Zhitong Finance App learned that Lyon released a research report stating that it maintains MGM China's (02282) “outperforming the market” rating, with a target price of HK$13.8. Benefiting from better-than-expected revenue market share, the company's property EBITDA increased 1% year-on-year to HK$2,394 billion in the third quarter, higher than the median market forecast and 6% each forecast by the bank. The bank estimates that a higher than normal VIP room win rate contributed about HK$132 million to EBITDA.

The bank pointed out that after MGM China completed the acquisition of the mainland hotel management business, the business contributed HK$31 million in revenue and about HK$7 million in EBITDA in the third quarter. The overall property EBITDA margin for the third quarter narrowed 1.1 percentage points year over year to 26.8%.

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