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麥格理:升美高梅中國(2282.HK)評級至“跑贏大市” 目標價14港元
格隆匯 02-07 11:39
麥格理髮表研究報告指,美高梅中國(2282.HK) 的股價在1月20日市場對武漢肺炎的恐懼蔓延以來已累跌23%,並跌至近52周的低位。但該行認為武漢肺炎的不利因素似乎是短暫的,將美高梅中國投資評級,由“ 中性 ”調高至“ 跑贏大市 ”,目標價由13港元上調至14港元。
該行認為,市場定價似乎已反映公司上半年賭收及EBITDA實質下跌,以及賭場暫停營運14天的因素反映出來。即使在最壞情況,公司上半年的EBITDA全數蒸發,但只要下半年業務全面恢復,其上半年損失的自由現金流淨現值亦只是較其股份被拋售前折讓6%。該行將公司2020年EBITDA預測下調19%,但2020下半年及2021至2022年的預測則維持不變。

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