MGM CHINA(02282) 智通财经·2024-02-14 08:03Group 1 - The core viewpoint of the report is that Jefferies has upgraded the rating of MGM China (02282) from "Hold" to "Buy" following its quarterly results, predicting a significant increase in Macau's gaming revenue in 2024 and 2025 [1] - Jefferies forecasts that Macau's gaming revenue will increase by approximately 28% and 2% year-on-year in 2024 and 2025, reaching daily revenues of MOP 640 million and MOP 656 million, which would be about 80% and 82% of the pre-pandemic levels in 2019 [1] - The report highlights that MGM's Q4 2023 earnings and market share reached new highs, exceeding expectations, and this positive trend is expected to continue into 2024, especially as the Lunar New Year gaming performance in Macau has already surpassed 2019 levels [1] Group 2 - Jefferies believes that the fundamental factors for gaming stocks are better than expected, indicating that MGM China is currently undervalued in the mid-term cycle, with an anticipated further increase in market share [1] - The target price for MGM China has been raised by 62.8% from HKD 9.4 to HKD 15.3, reflecting the positive outlook for the company's performance [1]