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《大行報告》高盛上調美高梅中國(02282.HK)目標價至13.6元 季績優預期
高盛發表研究報告指,美高梅中國(02282.HK)去年第四季業績優於預期,期內物業EBITDA按季增長16%至22億元,並接近市場預測範圍上端。EBITDA毛利率按季收窄1.1個百分點至28.5%。期內,貴賓廳賭收按季增長15%,正常化贏率按季收窄至3%。中場和老虎機賭收分別按季增長24%和27%。 該行表示,美高梅中國的管理層對其業務前景表示樂觀,並提到集團受惠於Bruno Mars演唱會和在美獅美高梅舉行的活動,1月的賭收市場份額飆升至約20%,並料未來數個季度將保持約13%至17%左右的市場份額,並有穩定的每日營運開支和EBITDA利潤率。 該行指出,過去幾天內地和香港的旅遊需求強勁,料被壓抑的旅遊需求尚未結束。該行認為,考慮到美高梅中國需要指定現金流用於償還或展期2024至27財年到期的優先票據,集團只會在2025財年恢復派息,料每股派0.44元。另外,考慮到年初至今較高的市場份額,該行將集團2024至25財年的EBITDA預測上調11%,並將目標價由12元上調至13.6元,重申「中性」評級。
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