大行评级丨里昂：美高梅中国具备重估潜力 目标价上调至22.7港元

Group 1 - The core viewpoint of the report is that MGM China has revaluation potential based on forward-looking indicators such as market share, profit margins, return on capital, and dividend payout growth [1] - MGM China's current price is equivalent to 7.7 times the 2026 EV/EBITDA, which is 15% lower than the industry average [1] - The target EV/EBITDA multiple has been raised from 8.8 times to 10.6 times, which is still 0.5 standard deviations below the long-term average [1] - The target price has been increased from HKD 18.3 to HKD 22.7, while maintaining an "outperform" rating [1]