《大行報告》花旗:美高梅(02282.HK)4月經調整EBITDA略優預期 重申「買入」評級
花旗發表的研究報告指,美高梅中國(02282.HK)建議發行美元計值優先票據,而公告內公司亦提供了一些業務更新情況,4月份公司經營收入為1,580萬美元,而現金經營開支約為4,470萬美元,根據該行的估算,4月份經調整物業EBITDA應為3,500萬美元,好過原先預期,因為該行估算次季將錄1.33億元EBITDA虧損。
而截至5月底美高梅中國有2.65億美元現金,而循環信貸工具則有約6.76億美元的空間,基於管理層最新的估算,美高梅中國每月現金流出約為6,520萬美元,當中包括4,110萬美元的經營開支,而發展及維修的資本開支則為1,380萬美元,利息開支1,030萬美元。管理層相信即使沒有收入公司的流動性仍可支撐22個月。
該行相信次季將成公司表現最差的季度,但相關因素已反映在股價上,而美高梅中國亦非獨自承受,其他五家澳門的賭場營運商亦面對同樣問題,維持「買入」評級,目標價維持14元。
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