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《大行報告》高盛:美高梅中國(02282.HK)季績符預期 上季賭收市場份額按季跌0.3個百分點
高盛發表報告指出,美高梅中國(02282.HK)第三季業績符合該行及市場預期,物業EBITDA按季升8%至18.9億元(相對於市場預測為18億至19億元),主要受惠於貴賓廳贏率提高至3.9%(相對於第二季為3.4%)。公司經調整物業EBITDA按季升6%至17.4億元,略高於新濠(00200.HK)的5%升幅,但較金沙(01928.HK)的17%及行業13%的升幅落後。 此外,該行指美高梅中國繼續加強其服務和產品供應,如贈送果汁、珍珠奶茶及雪糕等,以保持競爭力。季內,公司賭收市場份額按季跌0.3個百分點至14.3%。由於現金流健康,且資本開支有限,其淨負債按季跌6%至28.5億美元。 該行引述美高梅中國管理層於電話會議上對公司業務前景仍然相當正面,並認為黃金周假期表現強勁,有利於10月份的賭收市場份額回升至15.5%。該行對公司目標價為13.3元,評級「中性」。
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