金吾财讯 | 中金公司发研报指,美高梅中国(02282)于5月1日公布1Q25业绩:净收入79.94亿港元(同比下降3%,环比上升1%),恢复至1Q19的139%;经调整EBITDA为23.68亿港元(同比下降5%,环比上升11%),恢复至1Q19的146%,好于彭博一致预期的21.58亿港元。
该行将美高梅中国的表现归因于:1)旗下所有物业,澳门美高梅和美狮美高梅均实现行业最强劲的中场业务复苏,1Q25中场博彩收入分别恢复至1Q19的289%和142%;2)美狮美高梅总博收市场份额从4Q24的9.2%上升至1Q25的9.6%;3)得益于公司对于再投资率更为谨慎,利润率有所上升。该行维持公司2025年和2026年经调整EBITDA预测。公司当前股价对应5.9倍2025年EV/EBITDA。该行维持“跑赢行业”评级及15.40港元目标价不变,对应8.1倍2025年EV/EBITDA,较公司目前股价存在53%的上行空间。
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