大行评级|花旗:美高梅中国业绩持续强劲 上调目标价至18港元

格隆汇
Jul 31, 2025

花旗发表研究报告指,美高梅中国在2025年第二季录得历史新高的税息折旧及摊销前利润(EBITDA),达25.11亿港元,市场份额为16.6%;EBITDA利润率为29%(均符合管理层指引)。花旗认为,这反映了其竞争力及审慎的支出(特别是在玩家再投资方面),尽管金沙中国的伦敦人名汇及银河的嘉佩乐酒店(Capella)推出了新产品。根据美高梅管理层表示,业务势头在2025年7月持续强劲,各业务分部均录得强劲的交易量。 鉴于近期稳健的趋势,花旗预计美高梅自2025年7月至2026年中开放的新套房和别墅,将有助于其至少守住其市场份额。花旗将美高梅目标价从17.1港元上调至18港元,并维持“买入”评级。即使近期股价上涨,花旗认为该股的估值仍具吸引力,现价相当于2026财年EBITDA倍数为8.3倍(低于平均值一个标准差以上)。以50%的股息支付率计算,该股提供约4%的股息收益率。

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