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Melco Crown Entertainment Limited Message Board

  • cutecolgateguy cutecolgateguy Feb 6, 2013 3:59 PM Flag

    MPEL still a buy: price target $28 per Citi

    Lost amid worries about a crackdown on junket operators in Macau was the release of Melco Crown Entertainment’s (MPEL) earnings this morning.

    The company reported net income of $108 million, according to Bloomberg, up from $107.5 million a year ago, while revenue jumped 9.3% to $1.1 billion. Analysts had forecast revenue of $1.06 billion, according to Bloomberg.

    Citigroup’s Anil Daswani, for one, liked what he saw. He says the company’s valuation remains the cheapest name among the Cotai players,” with an EV/EBITDA ratio of about 9.4. He also believes that investors have yet to give it credit for new projects that should start producing revenue next year. As a result, he still rates the stock a buy and raised his price target to $28.

    And the news reports about a crackdown? Daswani says the concern is overdone. He writes:

    During the conference call, MPEL management highlighted they had not heard of any changes which concur with our checks on the ground. Déjà vu, the same newspaper raised these concerns in December and December [gaming revenue] was an all-time record.

    Lost amid worries about a crackdown on junket operators in Macau was the release of Melco Crown Entertainment’s (MPEL) earnings this morning.

    The company reported net income of $108 million, according to Bloomberg, up from $107.5 million a year ago, while revenue jumped 9.3% to $1.1 billion. Analysts had forecast revenue of $1.06 billion, according to Bloomberg.

    Citigroup’s Anil Daswani, for one, liked what he saw. He says the company’s valuation remains the cheapest name among the Cotai players,” with an EV/EBITDA ratio of about 9.4. He also believes that investors have yet to give it credit for new projects that should start producing revenue next year. As a result, he still rates the stock a buy and raised his price target to $28.

    And the news reports about a crackdown? Daswani says the concern is overdone. He writes:

    During the conference call, MPEL management highlighted they had not heard of any changes which concur with our checks on the ground. Déjà vu, the same newspaper raised these concerns in December and December [gaming revenue] was an all-time record.

    Sentiment: Strong Buy

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MPEL
22.10-0.11(-0.50%)Dec 17 4:00 PMEST

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