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《大行報告》美銀證券上調美高梅中國(02282.HK)目標價至14元 評級「買入」
阿思達克 02-10 10:11
美銀證券發表研究報告指,美高梅中國(02282.HK)2022財年第四季的經調整物業EBITDA為負4.02億元,基本符合該行估計的負4.06億元。總淨收入按年跌44%,惟按季增長101%至13.65億元。貴賓廳收入按年下降62%至1.5億元,而中場收入按年下降42%至11.87億元。 報告引述集團管理層指,農曆新年期間每日的EBITDA為500萬美元。酒店入住率約為100%,春節假期過後需求保持韌性,預計澳門將在今年全年可持續復甦。該行估計,集團1月的中場收入與2019年水平持平。另外,集團將在今年第一季末全面部署額外200張賭桌,並利用額外的賭桌重新配置遊戲樓層佈局。公司預計,今年的EBITDA利潤率將達到20%,將受惠於從中介貴賓廳到直接貴賓廳和優質中場的轉化中帶來的收入組合改善。 該行分別上調集團2023及24財年EBIDTA預測45%和1%,以反映快於預期的中場業務復甦,目標價升7%至14元,重申「買入」評級,相信因為其規模較小且專注於高端中場業務,復甦速度將會較同行快。
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