一表综合券商对银娱(00027.HK)业绩後最新目标价及观点(表)
银河娱乐(00027.HK)昨日股价挫逾5%後，今日早市股价回稳．。该公司昨(13日)中午收市後公布中期业绩，纯利按年跌7.3%至66.8亿元，每股盈利154.3仙，每股派特别息46仙。公司期内净收益按年跌6.6%至262.19亿元，经调整EBITDA按年跌4%至83亿元，正常化净赢率後为按年跌11%至79亿元。
公司按管理层基准计算博彩收益按年跌11%至306亿元，其中中场博彩收益按年升8%至146亿元，贵宾厅博彩收益按年跌25%至148亿元。单计第二季经调整EBITDA按季升9%至43亿元，正常化净赢率後为按年跌11%至40亿元，净收益按季升1%至132亿元。
【新项目明年底起陆续完工】
公司指，星际和银娱澳门翻新工程预计明年中完成，银娱三、四期项目亦将陆续於明年底起竣工及交付使用。公司将密切留意澳门特首选举，同时会与新政府保持沟通，包括赌牌政策。日本方面则仍有待政府消息，日本办公室人员亦继续增加，以与当地官员、政府和潜在合作夥伴沟通，最新消息指11月会有新消息公布，公司会继续积极参与。银娱股价在业绩公布後下跌，最新报44.75元，较业绩公布前45.55元跌1.8%。
摩根士丹利指，银娱次季经调整EBITDA受惠赢率影响高於该行及市场预期，经赢率调整後EBITDA则符合该行预期。该行认为，银娱期内维持稳定市占率，重申对银娱「与大市同步」评级，反映公司贵宾厅业务占比较大及股息回报率低，以及澳门银河第三及第四期延迟开幕，目标价为50元。
【高盛料翻新後将抢回市占】
高盛指出，银娱特别息按年减少8%，意味派息率维持三成。该行指，银娱支付3亿元建筑业务相关债务後，仍有439亿元现金，足以支持澳门银河第三及第四期、横琴项目及海外投资机会。该行相信银娱在物业翻新後，将更好地预备取回市占，正如去年第四季完成高端中场翻新後，中场博彩毛收市占回复1个百分点的情况一样。该行给予银娱「买入」评级，目标价61.6元。
本网最新综合10间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
瑞信│跑赢大市│72.8元
花旗│买入│69.5元
大和│买入│67.2元
摩根大通│增持│65元
汇丰环球研究│买入│65元
里昂│跑赢大市-买入│62.92 元-61.5元
高盛│买入│61.6元
瑞银│买入│58.3元
中金│中性│54.8元
摩根士丹利│与大市同步│50元券商│观点
瑞信│次季EBITDA胜预期受惠於贵宾厅赢率，核心营运稳固
花旗│次季业绩受赢率推动胜预期
大和│次季经调整EBITDA远胜该行及市场预期
摩根大通│次季业绩稳固
汇丰环球研究│核心中场推动增长
里昂│次季业绩正面，但行业持续面临逆风
高盛│次季业绩胜预期，中期表现坚韧及成本控制有效
瑞银│次季业绩符预期
中金│次季业绩受赢率及强劲建筑业务推动
摩根士丹利│市占率得以维持
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