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《大行報告》麥格理上調美高梅中國(02282.HK)目標價至12.9元 評級「跑贏大市」
阿思達克 08-04 10:44
麥格理發表研究報告指出,美高梅中國(02282.HK)第二季收入按年增長4.18倍,賭場收入按年增長4.56倍,較2019年水平高出1%,相對於2019年行業賭場收入為62%。公司次季經調整EBITDA為17億元,去年同期虧損3.82億元,並較2019年次季水平高出20%,及較該行與市場預期高出12%及9%。管理層指出,與2019年水平相比,7月份包括賭場收入、中場收入及EBITDA在內的關鍵績效指標較第二季進一步復甦。 展望今年下半年,該行預期隨著第三季如五月天演唱會等備受矚目的娛樂活動開展,相信美高梅的酒店或迎來更多客流量。此外,在新特許經營權下授予的約200張賭檯中,有150張賭檯已投入營運,料在客流量進一步恢復下,有利於公司的賭場收入。 該行認為,由於美高梅中國經調整EBITDA利潤率高過預期,對公司明年純利上調8%,另將其目標價由12.1元上調至12.9元,重申「跑贏大市」評級。
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