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摩通金沙(1928.HK)次季EBITDA逊市场预期维持“增持”评级
格隆汇 07-25 12:54
摩根大通发表研究报告,指金沙中国(1928.HK) 第二季经调整物业EBITDA录约7.65亿美元,按季跌11%,按年则升2%,较市场预期低出4%,但符合摩通预期;倘撇除贵宾厅赢率利好因素,这季表现则明显逊预期。报告表示,金沙最令人失望之处,在于中场市占率下跌,次季中场赌收按季跌9%,同业一般跌约1%至2%;贵宾厅业务亦乏善可陈,转码数按季跌14%,同业按季则升约3%。另摩通称,其次季业绩亮点则在于经营开支控制良好,按季持平;以及管理层的语气具信心及建设性。
摩通指出,金沙首季中场赌收及EBITDA的(非常)高基数,以及中场赢率正常化,致次季表现倒退,次季业绩对未来估算的参考作用料有限。摩通续予金沙“ 增持 ”评级,并料倘股价有重大调整,或呈长线入市机会,目标价45港元。
报告续说,金沙次季营运开支控制稳固,按年仅升约3%,按季持平;另金沙基础中场表现强劲,次季赌收按年升15%,按季则升1%,创新高,并占整体中场赌收54%,占比按季扩大5个百分点;不过摩通认为,金沙中场市占率下跌,以及金沙城中心盈利下跌,属次季业绩不足之处。
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