《大行報告》美銀證券下調美高梅中國(02282.HK)評級至「中性」目標價則升至13.3元
美銀證券發表研究報告,將美高梅中國(02282.HK)的投資評級由原來的「買入」下調至「中性」,相信其風險回報已見平衡。公司的市佔率由2017年的7%增長至2019年的9.5%,主要受惠於美獅美高梅的增長,該行相信其物業仍有潛力進一步增長,但長期增長或會受市場上的新競爭所影響。
該行預期,美高梅中國的博彩收益在2021年增長243%,並在2022年進一步增長25%至215億元,意味市佔率會在2022年回落至8%。
該行將公司2021及2022年EBITDA預測分別下調25%及11%,主要是因為對貴賓廳表現略為審慎。目標價由原來的11.8上調至13.3元。公司的股價今年來累跌11%,較行業平均跌18%為少,其估值並較其同業便宜。該行相信公司的自由現金流將會在2021年轉正,並有望在2021下半年回復派息政策。
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