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研究快訊:米高梅2026年第一季業績:公司營收強勁成長,但獲利能力下降

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-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下: 美高梅集團(MGM)第一季業績喜憂參半。營收為45億美元(年增4%),但調整後每股盈餘下降29%至0.49美元,低於市場預期0.04美元;合併調整後EBITDA下降9%至5.8億美元。拉斯維加斯大道業務實現了一年多以來的首次同比增長,營收成長0.2%至22億美元,但調整後EBITDAR下降8%至7.49億美元。同時,美高梅中國業務營收成長9%至11億美元,但由於內部交易費用增加,其EBITDAR下降4%至2.73億美元。 BetMGM實現了里程碑式的業績成長,實現營業收入740萬美元,而上年同期虧損1,520萬美元。管理層指出,3月份月度營收有所成長,並強調穩健的會展預訂和新的全包式促銷活動是第二季業績成長的正面驅動因素。美高梅於4月以5.46億美元的價格完成了對諾斯菲爾德公園的出售。該公司還在第一季回購了價值9,000萬美元的股票,剩餘授權回購額度為15億美元。由於公司估值較低(以未來12個月的預期EBITDA計算,本益比僅為8.5倍),獲利未達預期被較低的估值所抵消,因此我們對市場反應平淡並不感到意外。

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