美银美林下调永利澳门(1128.HK)目标价至22.4港元重申“买入”
美银美林发表研究报告,指永利澳门(01128.HK)第二季经调整EBITDA为3.43亿元美元,逊该行预期5%,主因永利皇宫的表现较差,收入胜预期,主因幸运因素带动,EBITDA率在第二季为29.2%,按年跌108点子。

该行指,永利表示,公司计入200万美元的坏账,核心中场收入维持强劲,抵销高端市场转弱,EBITDA在4月跌21%,但5-6月升7%,幸运因素差令直接VIP客户和经营去杠杆,而全年目标是市占率是15-17%。至於永利澳门的项目翻新工程,目前已有40%完成,管理层预期会於今年底完成剩余的房间更新,影响有限,另外管理层预期永利皇宫扩充的水晶莲宫投资回报为15-20%,相信有质素的非博彩项目可以增加1,000万的年游客量,带动中场收益。
该行降2019年EBITDA预期1%以反映贵宾厅的表现不确定,目标价降7%至22.4港元,重申“买入”评级因目前估值较低,以及有7.6%的股息率。
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