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《大行》花旗:美高梅中國(02282.HK)業務持續強勁 升目標價至18元 維持「買入」評級
花旗銀行研究報告指出,美高梅中國(02282.HK)在2025年第二季錄得歷史新高的稅息折舊及攤銷前利潤(EBITDA),達25.11億元,市場份額為16.6%,EBITDA利潤率為29%(均符合管理層指引)。花旗認為,這反映了其競爭力及審慎的支出(特別是在玩家再投資方面),儘管金沙中國(01928.HK)的倫敦人名匯及銀河(00027.HK)的嘉佩樂酒店(Capella)推出了新產品。根據美高梅管理層表示,業務勢頭在2025年7月持續強勁,各業務分部均錄得強勁的交易量。 鑑於近期穩健的趨勢,花旗預計美高梅自2025年7月至2026年中開放的新套房和別墅,將有助於其至少守住其市場份額。花旗將美高梅目標價從17.1元上調至18元,並維持「買入」評級。即使近期股價上漲,花旗認為該股的估值仍具吸引力,現價相當於2026財年EBITDA倍數為8.3倍(低於平均值一個標準差以上)。以50%的股息支付率計算,該股提供約4%的股息收益率。
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