MGM CHINA HOLDINGS LIMITED(02282.HK):RESILIENT PERFORMANCE
MGM CHINA HOLDINGS LIMITED(02282.HK):RESILIENT PERFORMANCE
Maintain Buy. We raise target price from HK15.4 to HK15.5. With 54% upside potential, we maintain Buy rating. MGM China reported 3Q24 net revenue of HK$7.2bn and adjusted Ebitda of HK$1.98bn, higher than our expectation, thanks to better-than-expected performance of premium mass business. We raise EPS forecast from HK$0.96 to HK$1.18 in 24E, from HK$1.06 to HK$1.19 in 25E, and from HK$1.15 to HK$1.28 in 26E. We raise target price from HK15.4 to HK15.5. With 54% upside potential, we maintain Buy rating.
美高梅中國報告了3Q24的淨營業收入爲72億港幣，調整後的Ebitda爲19.8億港幣，高於我們的預期，這要歸功於溢價大衆業務的表現好於預期。我們將24E的每股收益預測從0.96港元上調至1.18港元，25E從1.06港元上調至1.19港元，26E從1.15港元上調至1.28港元。我們將目標價從15.4港元上調至15.5港元。54%的上漲潛力，我們維持買入評級。
3Q24 results. The company's total gross gaming revenue (GGR) increased 21% YoY but declined 10% QoQ, representing 13% increase over 2019 level. Mass GGR surpassed 2019 by 71%, slot GGR surpassed 2019 by 13%, and VIP GGR recovered to 29% of 2019 level. Total Ebitda exceeded 2019 by 28%, in which MGM Cotai exceeded 2019 by 71% and MGM Macau recovered 94% of 2019 level.
3Q24業績。公司的總毛收入(毛GGR)同比增長21%，但環比下降10%，相比2019年增長13%。大衆GGR超過2019年71%，老虎機GGR超過2019年13%，貴賓GGR恢復至2019年水平的29%。總Ebitda超過2019年28%，其中美高梅澳門超過2019年71%，美高梅澳門卻恢復了2019年水平的94%。
Future projects. The renovation projects at MGM Macau such as villas and events centre are expected to finish by the middle of next year. The conversion of 160 standard rooms at MGM Cotai into c.60 suites is expected to be completed by the end of next year. The new Poly MGM at MGM Macau will launch its first exhibition on November 2. MGM 2049, produced and directed by Yimou Zhang, is scheduled to open on December 15 at MGM Cotai.
未來項目。美高梅澳門的別墅和活動中心的翻新項目預計將於明年年中完成。美高梅澳門160間標準客房改建成約60間套房的項目預計將於明年年底完成。新的太陽城美高梅澳門將於11月2日啓動首次展覽。由張藝謀製作和導演的《2049美高梅》計劃於12月15日在美高梅澳門開幕。
Maintain Buy. We raise target price from HK15.4 to HK15.5. With 54% upside potential, we maintain Buy rating.
維持買入。我們將目標價從15.4港幣上調至15.5港幣。54%的上漲潛力，我們維持買入評級。
Risks: Lower-than-expected revenue recovery.
風險：收入恢復低於預期。
譯文內容由第三人軟體翻譯。
