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摩通:美高梅中國(2282.HK)首季業績優於同業,維持“增持”評級
格隆匯 05-04 13:06

格隆匯5月4日丨摩通發研報指,美高梅中國(2282.HK)首季業績因農曆新年後嚴格的邊境管制和最近的COVID-19死灰復燃而未有太多可讀的資訊,管理層也沒有為旅行政策或牌照更新提供太多資訊。該行維持其“增持”評級,目標價5.7港元。

該行指,鑑於博彩行業估值正常化有相當大的空間,繼續看好該行業的風險回報。該行指,美高梅首季物業EBITDA按季跌約50%至4600萬元,優於市場預期;賭收按季跌16%,為2019年同期的33%,符合預期;中場賭收按季跌8%,為疫情前的55%,復甦優於同業;貴賓廳投注按季跌44%,為疫情前水平的10%。綜合而言,集團整體季績相對同業穩健,但為預期之內,未有驚喜。

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