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Melco Crown Entertainment Limited Message Board

  • quincyhawks quincyhawks Feb 11, 2008 2:02 PM Flag

    Additional CS Notes on MPEL

    * In our view, MPEL has entered into a critical turnaround stage
    with substantial market share gain. According to our channel
    checks, Crown Macau.s market share jumped from 7.5% in Dec to
    over 15.7% in Jan, with the casino generating about HK$50 bn
    rolling-chip turnover during the month, making it literally the
    largest casino in the world in terms of betting volume.
    * Separately, LVS is going to report 4Q results on 4 Feb after US
    market close. Due to intensifying competition with heightened
    junket commission rate and rising operating costs, LVS.s 4Q
    results could miss consensus estimate. If this happens, and if
    share price of MPEL is affected, we believe it will be a good
    buying opportunity.
    * Having incorporated contribution from A-Max.s junkets and
    updated opening schedule of new casinos, we have adjusted our
    earnings forecast accordingly. Target price stays at US$20, which
    is based on 12x FY09 EV/EBITDA, which also represents 20%
    discount to its US listed counterparts.

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