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squeezetracker 241 posts  |  Last Activity: 7 hours ago Member since: Apr 5, 2011
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  • squeezetracker squeezetracker 7 hours ago Flag

    Woo, Chairman of GEG said:
    “We continue to experience the same macro challenges as all the concessionaires in Macau.
    These are the result of a combination of factors and they are impacting customer spending
    behavior. That said, our business remains healthy and we continually review our operations to
    ensure that both short and longer term opportunities are maximized.
    The current headwinds are not a surprise to the market or to GEG. As always, we are actively
    managing our properties to leverage and mitigate market conditions, maximize revenues and
    manage costs, in order to drive returns.
    The apparent impact these challenges have had on financial performances in the first quarter
    has been exacerbated by the strength of the all-time record trading period in early 2014,
    against which our current performance is compared.
    We remain optimistic in the longer term outlook for Macau despite the current challenges and
    we are now absolutely focused on executing the openings of Galaxy Macau™ Phase 2 and
    Broadway at Galaxy Macau.
    Together, these two new openings will offer some of the most exciting and diverse attractions
    in Macau, appealing to every member of the family. In particular, we are pleased to welcome
    two additional world class hotels, The Ritz Carlton, Macau and the JW Marriott Hotel Macau to
    join the family of hotels at Galaxy Macau™. Our truly integrated resort includes new signature
    features such as: the new Skytop Adventure Rapids which complement the largest skytop
    wave pool in the world; the Broadway Theatre; the Broadway street entertainment district; the
    Promenade and a portfolio of new MICEE and meeting venues. We are confident that the
    opening of these new facilities will drive returns...

    GEG is cautiously optimistic about the prospects for Macau and the Group specifically in the
    medium to longer term. This confidence is supported by unchanged fundamental drivers for
    growth such as increasing domestic consumption due to a fast growing affluent Chines

  • Galaxy released a full month earlier than usual last week to point out that while the current yoy comp is tough (as all have known for the last for 10 months), the linked Q slip is not a disaster. G rev down 32% vs market 39% and their mass was down only 16% -- boding well for "mass-oriented" MPEL and LVS given G's VIP focus). More significant is the reason they emphasized for coming a month early: they are fully focused on getting their new Galaxy 2 resort opened on May 27th [and wanted to publicly yell about Galaxy 3 and 4 and their Hengqin project as counters to the prevailing view that Galaxy 2 does little to add "diversification" other than the cool wave pool on the roof shades of LVS' MBS (Singapore).

    Given G has been in talks with govt officials a couple weeks over how many tables they will get (at inception) and the buzz has been that both Galaxy and LVS' Parisian will get light allocation (rumored at as low as 100 for those two properties) and, again, that G is coming later this year with Galaxy 3 and 4 plans (another $7B USD programmed as investment in Cotai) as well as their $1B+ Hengqin development, they may (should) fare much better than just 100 tables.

    If so, that will be a good precursor for Studio City getting their "fair and reasonable" share given the differential in "promoting tourism and diversification" they have coming at Studio City. As Ho has quipped, "Studio City is going to have more diversification and tourism attractions than the rest of Macau combined" -- and that is just wrt the initial phase.

    Macau needs to figure it out to be sure unless they want to trade many many thousands of jobs for a few more groundskeepers mowing lawns around a multitude of new art museums that operator will build instead of integrated resorts if companies do not get "fair and reasonable" table allocations right now.

    More on the table topic later when I have time.

  • Riot to see these complete putzes posting dozens of times to say the same bs over...

    We have seen ample demonstration not one of them knows jack (drjackoff, janetate, toast) about corporate finance, debt indentures (including consents and waivers) or anything else about operator posturing happening right now in Macau...did they shake out 200 shares on this 4m share/day tape yet? LOL

    Meanwhile, Galaxy's telegram last week (earnings release a month early) was refreshing and entirely consistent with the perspective 13F and exempt pm are on while adding down here. Have a read through that if you missed it.

    goog GALAXY ENTERTAINMENT GROUP to get to their webpage for the release.

  • squeezetracker squeezetracker Apr 15, 2015 3:50 PM Flag

    50 or so posts from Shirley's cabal since this yesterday? and not one of Shirley's or dougies little girlfriends worth reading. LOL

  • squeezetracker squeezetracker Apr 15, 2015 3:48 PM Flag

    No one gives a rat's @## what these putz shorts -- several of whom known to use multiple aliases on this board alone -- are writing as they parrot what worthless/wrongway analysts have to say about weekly GGR guesses they use to project forward 18 months (LOL) and, it seems, think they can influence this tape of some 3-4m shares a day. There are about as important as the dip #$%$ girl who jumped Draghi this morning trying to

    You must be paid to post as you do... clearly Shirley (janetate, toast, drjackoff, blaqnite, tahoejack and the fkuimbecile series) is not... and matrixputz and his girlfriend dthedufus98 are too stupid to be getting paid for their drivel. They repeat the same dog #$%$ over and over, but none of those clowns matter to the sector stocks.

    So IVS limits might be held constant at 983 zillion mainlanders until the infrastructure projects are done, whereupon more mainlander daytrippers would be allowed? BFD... same on UnionPay ATM withdrawals... same on pay raises, same on mid-term review process.

    On table allotments I've suggested since last Spring that the 3% limit cannot possibly be adhered to unless they want to discourage economic development, shooting themselves and the Golden Goose (Macau GGR) in the head. Capital will go elsewhere, and so will VIP play. If that happens MPEL and LVS are best positioned in Macau... but Manlia becomes even more valuable.

    What macau wants and needs is visitors who come with financial wherewithal and stay overnight, game, dine in restaurants, go to HOD and drink/party in the clubs, etc, not group bu riders on organized "ultra cheap shopping tour daytrippers." The latter pack out Macau crevices on GWs, but they add little to the local economy, don't stay overnight, or eat or game in the establishments employing call it 98% of Macaunese people.

  • squeezetracker by squeezetracker Apr 15, 2015 9:31 AM Flag

    At $122, we'll play it again... round trip 10 or so since early 2009.

    MPEL still by far the cheapest of the group given the Manila and Studio City contributions will offset the revenue crimp going on in Macau... COD manila will soon be a $1B+/yr revenue contributor -- no such offset for the others.

    At present levels even MGM is too cheap now. Still, those harping that MGM is better off than the other 3 US listed Macau-centric companies apparently don't understand the difference between mass and vip, or that once WYNN and MGM have their new properties opened up next year, call it 80% of both companies' ebitda will be from Macau -- or their new properties will be a big bust.

    COD manila will soon be a $1B+/yr revenue contributor...

  • squeezetracker squeezetracker Apr 14, 2015 1:23 PM Flag

    Zhou’s trial is expected to be similar to the one conducted in August 2013 involving former Chongqing Party Secretary Bo Xilai.

    “I have a feeling the trial will be a bit like Bo Xilai’s, though I have a feeling Zhou will be much more stony-faced during it,” China analyst Raffaelo Pantucci told VOA via e-mail “I think the eagerness will be to get it done and out of the way, though with great public spectacle as the pinnacle of Xi’s new power,” he added.

  • Or is it more toward winding down now as Zhou and his cronies face sentencing?

    "April 13, 2015
    With China’s former domestic security chief Zhou Yongkang facing corruption charges after months of investigation, analysts say China is sending a stern message by making him the highest ranking Chinese official to face trial in the past three decades.

    The 72-year-old former Minister of Public Security, Secretary of the Central Political and Legal Affairs Commission and member of the Politburo Standing Committee stands accused of bribery, abuse of power, and what is termed “the intentional disclosure of state secrets.” He was expelled from the Communist Party in December.

    Zhou’s charges, according to an official statement, are “especially severe.” The statement says he “took advantage of his posts to seek gains for others, and illegally took huge property and assets from others.” Zhou “abused his power, causing huge losses to public property and the interests of the state and the people,” the statement continued.

    Expanding probe
    The formal charging of Zhou came shortly after the National People’s Congress took place in March and his impending trail was announced earlier this month. Premier LI Keqiang told Congress delegates that President Xi Jinping’s fight against corruption will expand and spare no one.

    Neutralizing rivals

    Some analysts see Xi’s purge as directed as much toward neutralizing political rivals and opponents as it is toward punishing those engaging in malfeasance.

    “We’ve seen at the top levels, Xi Jinping going after both of the two predecessor governments to try to keep them in check,” RAND analyst Scott Harold told VOA. “These [actions] constantly keep the pressure on those political groupings that are not already loyal to Xi Jinping and post a challenge for the Chinese government.”

    Harold said the charges “suggest that what they are looking at is not simply moral failings, or engaging in corrupt activities with financial remuneration

  • squeezetracker squeezetracker Apr 14, 2015 12:51 PM Flag

    LOL at shirley Mason ( drjackoff, toast,drjackoff, janetate,blaqnite and all the rest) full tilt below... poor little doug has been wrong on every blown "trade" until yesterday's... and now the little fella dougie tells us he "covered and then got short again today." Awesome trading, huh? 200 shares at a time per your last blaqnite slip here. LOL

    But that stone throwing, adhominem glass house is still in evidence LMAO at his ridiculous commentary always and again below..

    When spews about "another side to the story," doogie must mean like last january and again March 2014 when i suggested these little #$%$ trading club tarts that were hyping this would go to $75 in january 2014 -- right when I said it was overhyped and ahead of itself, explaining why we were hedging the core and twice blew out trading sleeves at just over $43... or maybe he meant the couple of dozen times I explained here why we were hedging the core with box shorts, paired shorts (and at times longs) on MGM LVS and WYNN, premium writes, etc. LOL

    dicsl. We are unhedged long MPEL core at $17 (excluding the numerous hedging gains/offsets and trading gains since the big roll on in late 2012 which would drive adj basis below zero on the core) and the trade allocation just below $23), and close to putting back on an unhedged WYNN trade (long) after last week's flip out. OT Wading back onto the two fav airlines too -- trading at ~1/3 the market multiple.

    One more point -- read these idiots making emphatic "sell" recommendations and note that nothing I have said is anything other than heads up points to think about -- long/short and neutral the sector names over time.... but do study the 13F players for where real capital is being committed as contrasted with these dippy daytraders using their mother's margin accounts and 200 share trades. LOL

  • These multialias clowns have posted at least 6-7 times herethis week that Shanghai trading has pushed the MPEL stock. LMAO.... Chinese nationals can't own U.S. listed stocks, and MPEL's shares are being delisted in HK and there is essentially no trading of the HK shares in HK, Shanghai or anywhere else.

    Another example? This morning dthemoron98 changes the title of the GGR asia article to spin as if SunCity is going to focus on the arts in Macau. The real story? About two years ago SunCity's colorful CEO decided he was going to try his hand (and capital) at developing "Westernized" movies and tv through a tiny subsidiary of his well-capitalized junket (largest in the business and owning rooms in Altira, Wynn, Galaxy and others on Macau and now adding a salon in MPEL's COD Manila and Solaire). Apparently he has decided that the new focus (not of sunCity's junket operations, of that tiny media subsidiary that hasn't done anything notable since inception) is going to take up[ the banner of arts promoter in macau as part of their PR effort to remian in good stead with macau and Beijing officials.

    This is not news for any of the Macau gaming companies -- more like a yawn for all of the operators.

    What will be news is if the operators start scaling back capital commitment to new IR development on Macau... curtailing/mothballing further development plans will have long term impact of hengqin and surrounds, as well as Macau's little old self. Crimp hard enough on freedom to let high rollers game, party and play like high rollers (rules compliant to be sure) and the tours and operators and players will all go to places where they are welcome and where they need not avoid spotlight scrutiny.

    And gee Wally, if overall Macau GGR is "flattish" as per Shirley Mason (toast/janetate/drjackoff Bain LOL), MPEL's GGR and adj ebitda will make big strides 2H15 as they will have the revenue streams not present 2H14 in Manila and from Studio City coming on 3Q.

  • Reply to

    Philippine Gaming’s Guiding Light

    by squeezetracker Apr 13, 2015 3:08 PM
    squeezetracker squeezetracker Apr 13, 2015 3:20 PM Flag

    part 3

    How will the accelerating expansion of gaming in the region—in Macau, in Vietnam, in Cambodia and in South Korea— impact the Philippines?

    Macau will always be number one. That’s a given. Vietnam is too far to matter in this market. Korea is foreign players only. For visitors, we have so much to offer in the Philippines. We have historical sights in the Philippines, we have beautiful beaches. As the advertisement says, “It’s more fun in the Philippines.” Tourism is showing double digit growth, but from a low base. There haven’t been official figures yet, but the total was about 5 million last year. We’re forecasting 6 million this year.

    What changes has Pagcor made as a regulator that have helped create confidence in the Philippines as a gaming jurisdiction?

    The first thing is transparency. Everything we do is out in the open. Second, there’s a level playing field for everyone. We have to respect what has been agreed to under the previous regime even though that was done before our team came in.

    Between Pagcor and licensees, everything should be win-win. The higher the share for them, the higher the share for us: win-win. There will always be some conflicts. When this happens, it has to be discussed, and we have to look for solutions that are beneficial to all...

    Was the decision regarding income-tax an example of that?

    We respected the contract. We are responsible for fulfilling the contract. The matter of the tax is still being adjudicated by our Supreme Court. [After this interview, the court ruled in favor of Pagcor’s exemption, but was silent on the licensees’ obligations.] Our decision made us a whipping boy for the media. But it was in the best interests of all involved."

    Clearly Manila is a great place for MPEL to be partnered up with the richest family in the Philippines, one focused on commercial real estate and business interests, and subject to friendly, "all parties should benefit" type of thinking Pagcor is running on in Manila.

  • Reply to

    Philippine Gaming’s Guiding Light

    by squeezetracker Apr 13, 2015 3:08 PM
    squeezetracker squeezetracker Apr 13, 2015 3:14 PM Flag

    part 2
    "Do you like one of these two resorts better than the other?

    They’ll be catering to two different markets. City of Dreams has its own markets. Your guess is as good as mine if you try to answer which one is better. I think they’ve both exceeded our expectations. First we had Resorts World Manila introducing the concept of integrated resorts as they did in Singapore. Solaire raised the bar. City of Dreams has tried to go a step further. They’re spending a lot of money promoting City of Dreams. They’ve got lots of advertisements on television. Of course, whatever City of Dreams does will have a trickle down effect on the rest of the market. It’s not a standalone property. It has the Crown Towers, it has the Nobu Hotel, it has the Hyatt. It has DreamPlay...

    What’s the impact of having Melco Crown as an operator in this market?

    It’s a big plus factor for Entertainment City. Melco Crown brings its networking from Macau, its connections with junkets in Macau. We have Solaire, which is a local company, and we have City of Dreams from Macau. There’s efficiency in its preparations to tap into that market. City of Dreams gives us a direct line into Macau.
    ...the proposition of a $10 billion [gaming] market is unlikely to be hit by 2018. Every year, we still project double digit growth. Off a low base, VIP is up 50% [for 2014], and with City of Dreams that’s a no brainer again this year.

    Where will the growth come from?

    Everybody is saying their focus is on the Chinese market. We have a very small attendance from the Chinese market. We’re starting here from a low base. It’s a no brainer that it will double this year. Our foreign tourism overall is growing. We get a lot of visitors from Korea, from Indonesia, from Japan and ASEAN [Association of Southeast Asian Nations], also from China. We’re not competing against Macau. We just want to be in the loop.

    How will the accelerating expansion of gaming in the region—in Macau, in Vietnam, in Cambodia and in South Kore

  • squeezetracker by squeezetracker Apr 13, 2015 3:08 PM Flag

    Goog title for quality article illustrating PAGCOR's open arms vs Macau/Beijing's desire to shoot themselves in the foot for the time being as they cede VIP and premium players to alternate AP venues. MPEL in the A1 slot...

    "As Manila’s Entertainment City spurs growth and regulatory challenges, Pagcor chairman Cristino Naguiat wants all sides to profit
    Friday, 10 April 2015

    Pagcor Chairman and CEO Cristino Naguiat isn’t a man of many words. But he doesn’t need to be. The progress of Pagcor speaks for itself since President Benigno Aquino handpicked Mr Naguiat for the top job in July 2010 [where he] has to balance Pagcor’s diverse roles as gaming regulator, casino operator, government revenue generator and driving force behind Entertainment City, a master-planned district in Manila Bay that’s developing into the largest cluster of integrated resorts between Macau and Las Vegas...

    In February, City of Dreams Manila held its grand opening as the second resort in Entertainment City. The first was Solaire Resort and Casino, a US$1.2 billion project spearheaded by Philippine ports billionaire Enrique Razon Jr, which opened in March 2013 at the 120 hectare (300 acre) district that will also include commercial and residential developments...

    COD Manila brings Macau casino operator Melco Crown Entertainment to the Philippines. Working in partnership with SM Group, controlled by Henry Sy, the Philippines’ richest man, Melco Crown increased its investment in the $1.3 billion project and took over operations after Pagcor reinterpreted its terms of reference for licensees’ projects, basing its allocation of gaming tables and machines on total size of lodging areas as well as number of rooms. That revision increased the resort’s permitted number of tables by 50% to 384 and more than doubled the number of electronic gaming positions...

    Pagcor fought the BIR decision in the courts and pledged to negate the impact on licensees. Last year, it agreed to cut license fees...

  • By Zinnia B. dela Peña (The Philippine Star) | April 13, 2015 - 12:00am

    AP/Julie Jacobson
    MANILA, Philippines - The Philippines is on the cusp of a casino boom with more foreign firms placing their bets on the Southeast Asian nation that has attracted increasing numbers of the wealthy overseas high rollers and big spenders amid China’s crackdown on corruption and slowing economy..."

    Soon it will be clear that there is a $1B+ pot inuring to COD Manila annually in Manila... they have more than 4000 Philippinos on the payroll at COD Manila already, are currently adding another 430 or so based on Phistar reports (and see COD website for large listings still open) and that is before getting VIP operations fully up and racing -- and well before they build out the recently disclosed "expansion phase" there with the Sy family pals going 100mph on commercial development surrounding the property, all as the new "permanent" US Navy base is built out in Manila Bay.

    How much longer will Macau/Beijing cede half of last year's VIP revenues to other venues in the AP, especially as the Foxhunt/Skynet thrashing about winds its way down as the corrupt politicians and political foes of the current regime are dealt away. otp, MPEL generates less than 15% of COD Cotai revs from VIP, and, despite all the bs media coverage, actually joined Galaxy last Q in reporting a serial increase in VIP RCT and win 4Q vs 3rd.

    Meanwhile, LVS is now telling the street thay are actively promoting VIP play in both Macau and Singapore... seems they are tired of ceding away that business, even with its appurtenant low margins and scrutiny. Certainly the crooks and political foes of Xi Jinping are not coming back to Macau, but the worst month since last June still reflects 50% of all time peak RCT... and the new salons at Galaxy, WYNN, LVS and MPEL are just now getting going there, right ahead of the new product coming on stream with Galaxy 2 and MPEL's Studio City.

  • Reply to

    REIT sUnlikely on Macau

    by squeezetracker Mar 19, 2015 3:11 PM
    squeezetracker squeezetracker Apr 13, 2015 8:46 AM Flag

    LVS has a different ownerships structure than does MPEL as some here understand, but see their press release from a few minutes ago.

    Despite the difficulties Macau properties present as discussed prior, LVS has also consistently suggested they believe a structured REIT program will one day pencil for their resort properties and malls. Are they telegraphing they are coming now with a novel structure for Macau? Clearly that is where the majority of their commercial ebitda emanates from, and perhaps they are thinking through MBS as well.

    So maybe they and their lenders do not think the sky has or is falling on Macau? LOL The press release from a few minutes ago discusses how pleased the company is with the vote of confidence their lenders just joined them with on the $1B expansion of their credit arrangements adding "balance sheet strength and flexibility" (to do more capital distributions they write), but they have something more to say beyond noting they will pursue more integrated resort development: "We will continue to execute our plans to [further] enhance our balance sheet strength and financial flexibility.

  • squeezetracker squeezetracker Apr 11, 2015 12:59 PM Flag

    Oakmark's David Herro commented extensively on China's ongoing political winds, corruption crackdown (including reference to former security minister Zhou who is now convicted of fraud and awaiting sentencing -- reportedly he stole some $15B+ in his capacity as a key member of the former regime) in his March 2014 quarter letters to fund investors. Herro and everyone else except for the forbes guy and a couple of hedge funds guys sharing site visit recaps, continues to say nada about COD Manila, however, those actually studying know they had $9m of revenues from Manila during the December Q (when they were only partially soft opened for only the last couple of weeks and they will obviously have more to show and say as they were soft opened through Feb 1 when they did the "grand opening" -- the latter of which still not including the 300 VIP suites in the Crown Hotel property and several of the other attractions there. The entire resort should be up and running within days now...

    As for Herro's outlook for China and MPEL? Steady he goes with his other China investments and wrt his allocation to MPEL, as of 12/31/14, Herro's international fund is the largest holder of MPEL (other than Ho and Packer's beneficial ownership that together comprise over 68% ownership of the shares) as noted prior. He was down some 20% on the position during the March Q... but the recent runup has cut that by a bunch...

    Here's his comment on MPEL:
    "...Casino revenues in Macau were weak due (January thru march 2015) to China's anti-corruption campaign, difficult year-over-year comparisons and a weaker macro environment... we remain optimistic about Macau's long-term prospects, given low penetration of Chinese visitors, continued wealth creation of Chinese citizens and large infrastructure projects, which should help facilitate the growth of Macau."

  • Reply to

    BAC first call update to lower rating

    by squeezetracker Apr 7, 2015 4:16 PM
    squeezetracker squeezetracker Apr 9, 2015 9:36 PM Flag


  • Reply to

    Philippines, Tokyo, Barcelona

    by boiler_room_bermuda Apr 8, 2015 10:07 AM
    squeezetracker squeezetracker Apr 8, 2015 3:41 PM Flag

    They are focused on Asia and not going to Spain or anywhere else in europe or the overdeveloped US market Jim...

    See the preliminary annual report for some fun reading though. They have morphed from calling macau the world's gaming mecca and primary focus for the company as late as February, to now articulating that developing the Integrated resort franchise throughout Asia as the world's fastest developing market is the objective. As you know, a few of us thought Shelly was nuts for even considering it with LVS (we sold out the shares becauses of it before the big drop, and then piled back in to that name for the run back to $72 (out early) when they called off the gaff of going to Spain. Fully 56% of Spain's citizens under age 25 are unemployed... and they can't all work in casinos like is the case on Macau.

  • This afternoon BAC issued a dazzlingly insightful (not) ratings update suggesting the stock will likely trade in a range of between $21 (low) and $31 (high) over the near term. That is some insight... LOL and now there are almost as many sells as buy ratings.

    So his impact took out yesterday's gain over the last two hours of tape painting...wonder how long his "15 minutes of impact" will last tomorrow...

    On another note, obviously the company has decided to do other things with their capital besides buying shares in down here this Q... maybe they have news coming on where they will redirect their development efforts first (e.g., accelerating the expansion phase of COD Manila or perhaps building an art museum for now on the Studio City site)? LOL

  • Reply to

    hey, Squeeze...

    by huzabuzzu Apr 6, 2015 4:09 PM
    squeezetracker squeezetracker Apr 7, 2015 10:01 AM Flag

    There are precious few analysts and even less pseudo journalists who understand anything about this business, especially the fragmented Asian market. So if you are asking why are the dopes at Zacks, Shuli Renn and james Detar so weak covering the sector, it is simple... Shuli is just regurgitating what analysts have to say. She herself wrote she was far too bullish on the group through June 2014, and it wasn't until then that Grant Govertson (Union Gaming) was early to pull his buy rating on the group,followed by EVERYONE freaking out when former security minister and noted "political foe" of Xi Jinping as part of exiting regime, that Lawrence Ho said -- in the first week of August last year -- that mass growth was going to be more like half the 30%+ seen ytd through July, and VIP would likely remain pressured until after year end. The coverage cut estimates, but still around 14 of the 18 publishing analysts retained their BUY ratings on the sector. Now, only about 1/3 still have buys -- the biggest sentiment washout seen since 2008, and the quality value guys have been buying stock as the group has rolled over and down hard.

    In sum, this journalist group adds little except to learn what hedge fund short the stock are pressing into them as parrots.

    Manila is a special case though. They really did not open until Feb 2 -- not the whole Q... and even at that they did not have the VIP suites open until about now. The forbes writer (cohen) and calvin ayre get it -- good those names and COD manila to read knowledgeable input.

    The analyst have discounted Manila's propects from the start and continue to have low expectations. Good for the story when they begin hitting it out of the park -- but that may take several Qs to accomplish. Again, they have yet to even step up to the plate with VIP efforts at COD, but that is underway right about this Q.

108.22+1.53(+1.43%)Apr 20 4:00 PMEDT