里昂：升美高梅中国(02282)目标价至22.7港元 具备重估潜力

Core Viewpoint - Citibank's report indicates that MGM China (02282) has significant revaluation potential, with its 2026 EV/EBITDA and P/E multiples remaining low among six Macau gaming companies [1] Group 1: Valuation Metrics - MGM China's current price corresponds to 7.7 times the 2026 EV/EBITDA, which is 15% lower than the industry average [1] - Citibank raised the target EV/EBITDA multiple from 8.8 times to 10.6 times, which is still 0.5 standard deviations below the long-term average [1] Group 2: Target Price Adjustment - The target price for MGM China has been increased from HKD 18.3 to HKD 22.7 [1] Group 3: Investment Rating - Citibank maintains an "outperform" rating for MGM China [1]