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袁鉅文先生 (Aman Yuen)
經理

金融經濟系畢業, 從事股票衍生工具投資工作已有十年, 善於技術分析及期權買賣策略.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)

Wednesday, December 8, 2021 Views10580

美高梅中國(2282.HK.)

簡介

美高梅中國是一家主要業務為於澳門發展及經營娛樂場幸運博彩、其他娛樂場博彩及相關酒店及渡假村設施,以及發展綜合度假村。

 

財務摘要

美高梅中國(02282)控股股東美高梅國際酒店集團公布未經審核業績,當中包括美高梅中國表現。美高梅中國截至今年9月底第三季收入淨額2﹒89億元(美元﹒下同)按年升5﹒17倍,與本季度相比,去年季度受澳門旅遊及入境限制以及與疫情相關的其他營運限制的影響較大;經調整物業EBITDAR為700萬元,而去年季度則為虧損9645萬元。
  美高梅中國截至今年9月底止九個月收入淨額8﹒96億元上升1﹒55倍,經調整物業EBITDAR為2035萬元,而上年同期為虧損2﹒34億元。

前景展望


 

據新聞網站《GGR Asia》引述所得文件報道,內地加緊打擊跨境賭博,劍指澳門賭業中介(俗稱疊碼仔),在一些案件中,被點名的個人據說是為內地賭客提供便利的代理人,不僅幫助他們前往澳門,還協助他們前往海外賭博。至少有5份起訴書涉及犯罪嫌疑人帶內地居民到澳門賭博。美高梅公司代表首席財務總監Halkyard指,疊碼仔貴賓賭廳業務雖然收益頗大,但佔整體市場的EBITDA(除利息、稅、折舊及攤銷前盈利)其實不算多,相信事件會令博企重新考慮是否延續疊碼仔賭廳的業務。


 

澳門政府有意對博彩業監管「加辣」,《博彩法》修訂建議提出引入官方代表進入賭企,及提高澳門永久性居民在持賭牌企業中所佔的資本比例。目前,美高梅國際擁有美高梅中國56%股權,Bill Hornbuckle 稱,對有關建議不感意外,但承認中國領導層正在尋求更大的「控制和監督」。他指,美高梅中國的本地股東、聯席董事長何超瓊持股已達22%,又認為機場、渡輪等專營公司也設有政府代表,看不到存有任何問題。對於澳門賭牌即將到期,他表示,未知政府能否趕及在明年6月到期前推出重新競投程序,惟他相信公司有其優勢,對再獲得賭牌感到樂觀。

 

Halkyard指出新變種病毒是叧一個因素減慢了澳門博彩業的回復速度。加上內地加強打擊跨境賭博活動及澳門賭牌即將到期等,令澳門博彩業充斥內憂外患,為板塊估值添壓。預料澳門博彩業在未來6至12個月會變得波動。

建議: 中長線持有

買入價:$5

目標價:$8

止損價:$4.5


 

本人 袁鉅文為證監會持牌人士。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

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