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美银美林降金沙(1928.HK)目标价至45.8港元次季经调整物业EBITDA逊预期
格隆汇 07-25 12:44
美银美林发表报告表示,金沙中国(1928.HK) 公布第二季经调整物业EBITDA为7.65亿美元,按年升2%及按季跌11%,较该行及市场预期各低5%及4%,主因受累中场赢率下跌及贵宾厅市占减少。公司总收益净额21.47亿美元,按年升1%及按季跌8%,计及幸运(LUCK)经调整物业EBITDA按年升1.9%,但按季跌10.9%至7.44亿美元。
该行指,金沙管理层在电话会议上预料,其高端的中场收入中期而言将见增长。四季及伦敦人酒店目标于2020年农历新年前及2020年底开幕。
美银美林称,将金沙中国2019年及2020年预测EBITDA修改3.5%及4.5%,以反映业绩逊预期,以及将目标价下调4.6%至45.8港元。该股现价相等于2019年预测EV/EVITDA为14.7倍,股息率 5.2%仍算合理。该行视其翻新项目将成为长期增长动力,重申对金沙中国“ 买入 ”投资评级。
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