《大行報告》中金上調美高梅中國(02282.HK)目標價至16.8元 次季業績勝預期
中金發表報告,指美高梅中國(02282.HK)第二次季業績勝預期,期內收入58.09億元,按年升418%,按季升20%,恢復至2019同期的105%;經調整EBITDA為17.47億元,恢復至2019同期的120%,均勝於市場及該行預期。公司次季總收入69.91億元,其中包括64.32億元的總博彩收入及5.59億元的非博彩收入。
該行將美高梅中國勝預期的表現歸因於旗下所有物業,美獅美高梅和澳門美高梅均實現行業最強勁的中場業務復甦,第二季中場賭收分別恢復至2019年第二季的132%和116%;另外,美獅美高梅的貴賓業務復甦表現強勁,貴賓賭收的市場份額從2019年次季的3.3%和今年首季的10.1%提升至今年第二季的13.1%;期內EBITDA利潤率提升,得益於利潤率更高的中場業務收入佔比提升。
基於集團復甦趨勢好於預期,並已在第三季進入增長階段,該行將其今年經調整EBITDA預測上調8%至66.88億元,並基本維持明年經調整EBITDA預測至74.28億元,目標價相應上調12%至16.8元,評級維持「跑贏行業」。(ca/k)
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