大行評級|里昂:美高梅中國上季物業EBITDA高於預期 予“跑贏大市”評級
里昂發表研報指,美高梅中國上季物業EBITDA按季增長7%,較市場及該行預期高4%至5%。另外,該博企2024財年第四季博彩收入市佔保持穩固。里昂估算,美高梅中國高於正常的贏率、更高的轉碼數及中場賭檯投注額,共同產生87.11億港元的博彩收益,即按季增長約10%。至於營運開支、回扣、再投資的開支,與淨收入基本同步增長9%至10%。因此,該博企EBITDA利潤率小幅收縮至26.8%,現估值相當於預測2025財年企業價值對EBITDA約6.6倍,評級“跑贏大市”。
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