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《大行》匯豐研究微升美高梅中國(02282.HK)目標價至16.7元 7月市場份額增長強勁
匯豐環球研究發表報告指出,美高梅中國(02282.HK)最新季度業績表現強勁,物業EBITDA按季增長7%。2025年第二季業績超出市場預期4%,經贏率調整後基本符合預期。根據該行估算,受Alpha Villas開業影響,每日營運支出從第一季的300萬美元略升至第二季的320萬美元。匯豐研究估算,由於業務組合變化,再投資率上升2.5個百分點。更重要的是,美高梅中國市場份額穩定維持在15%左右,同時保持29%的強勁利潤率,再次展現公司卓越的執行能力與營運效率。公司市場份額持續增長,7月表現尤爲突出,進一步印證其競爭優勢。 基於第二季業績超出預期,該行將美高梅中國2025年EBITDA預測上調1%,目標價從16.5港元輕微上調至16.7港元,潛在上行空間爲7%。以約11倍2025年預測市盈率及約4%股息率計算,現時估值具吸引力。該行維持「買入」評級。
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