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美银美林下调香格里拉(亚洲)(0069.HK)目标价至13.4港元评级“买入”
格隆汇 08-22 13:43
美银美林发表研究报告指,香格里拉(亚洲)(0069.HK) 上半年实际应占的息税折旧及摊销前盈利(EBITDA)按年跌7%至4.22亿美元,仍较该行预期高9%,主因受惠高于预期的物业溢利入帐。若不计及该影响,业绩大致上符合预期。
该行指,受到香港部分活动影响,8月港岛香格里拉酒店入住率跌至50%,九龙香格里拉及香港嘉里酒店表现则较好。香港业务贡献集团整体EBITDA约15%。内地酒店业务方面,虽然7月略见回升,但前景亦不确定;斯里兰卡方面,预料2019年度物业销售入帐的1亿美元盈利指引有下调风险。不过“ 挞订 ”的风险仍低,因大部分买家已支付逾50%订金。
该行将香格里拉2019及2020财年预测EBITDA降低11%及4%,反映香港部分活动带来的干扰。同时,亦将目标价下调16%,由15.9港元下调至13.4港元,但由于估值吸引,现相当于2020财年预测企业价值对EBITDA比率约10倍,属历史低位,重申评级“ 买入 ”。
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