目标价9.2港元华泰金融(HK)：给予美高梅中国(02282.HK)“买入”评级 目标价16.10港元

　　华泰金融(HK)8月3日发布公告。MGM US, parent company of MGM China, posted 2Q24 results, logging net revenue for MGM China of USD1.02bn (+37/-4% yoy/qoq). The adjusted EBITDA was USD310mn (+40/-2% yoy/qoq, or 168% of the 2Q19 level), with an EBITDA margin of 30.7% (2Q19/1Q24: 24.5/30.3%). MGM US saw a drop of over 6% during after-hours trading, likely due to its Macau operations reaching a growth cap. For 2024/2025/2026, we estimate GGR at HKD31,768/34,652/36,222mn (or 118/129/135% of 2019 levels); we expect VIP revenue, mass revenue, and slot machine revenue to recover to 46/48/48%, 170/187/196%, and 86/95/99% of 2019 levels. We value the stock at 7.5x 2025E EV/EBITDA, for a TP of HKD16.1. BUY.