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Author

李樂雯女士 (Phoenix Li)
經理

現任職輝立分行經理,對股票、期貨投資經驗豐富。 樂意為客戶提供投資分析及買賣策略。 歡迎各位來電交流心得。
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美高梅中國控股有限公司 (2282)

Monday, August 9, 2021 Views7443

美高梅中國(02282.HK)

 

業務概要

美高梅中國控股有限公司是一家投資控股公司,主要在澳門從事博彩遊戲的開發及經營。美高梅中國亦從事其他娛樂場遊戲及相關酒店及度假村設施的經營,以及綜合度假村的開發。 該公司經營賭場業務,包括 VIP(非常重要的人)博彩業務、主桌博彩業務和老虎機業務。公司亦透過其附屬公司從事提供酒店管理服務及行政服務業務。

 

財務摘要

上年 2020 年 12 月 31 日的財政年度,美高梅中國控股有限公司的收入下降了 78% 至 HK$5.1B。 淨損失總計 HK$5.2B,而收入為 HK$1.93B。 收入反映入住率 - % 美高梅路氹減少 76% 至 22.4%,賭場收入減少 79% 至 HK$4.38B,其他收入減少 70% 至 HK$711.9M。 淨虧損反映無抵押優先票據利息增加 85% 至 7.633 億港元(費用)。

 

截至今年 6 月的第二季度淨收入為 3.11 億美元,較上一季度增長 836%,較 2019 年第二季度下降 56%。 VIP賭檯贏率調整後淨收入為 3.17 億美元 ,同比增長895%,較2019年第二季度下降57%;調整後的物業 EBITDA 為 900 萬美元,而去年同期則為虧損 1.16 億美元。

 

業務展望:

雖然個人遊於上年2020年9月重新開放,但目前的博彩收入和遊客量與2019年的水平相比分別不到40%和30%。擔心目前中國大陸和澳門的疫情會持續很長時間,這樣博彩收入和遊客量會仍然維持現在水平。而現在澳門博彩業因疫情跑輸大市並非監管問題。雖然預計中國、香港和澳門短期內不會通關,但相信最終博彩收入和EBITDA將恢復到疫情前的水平。

 

 

建議: 買入價:7.2 目標價:12 止損:6.9

 

本人李樂雯為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益

 

 

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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