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美銀美林:下調銀娛(0027.HK)目標價至63.3港元 評級“買入”
格隆匯 10-08 11:13

美銀美林發表研究報告指,銀娛(00027.HK)今年第三季股價下跌7.4%,分別跑贏同業及市場2.6%及1.2%。相信銀娛中場業務仍可錄得穩健增長,但續受累宏觀環境不確定性,貴賓廳業務仍面對挑戰。

因此,該行認為貴賓廳業務對銀娛已不再重要,預料在今年第三季佔博彩總收入及EBITDA分別僅41%及11%,遠低於上年度同期的54%及18%。該股現價相等於2020年EV/EBITDA為10倍的吸引水平,較歷史平均值低22%。

報告又指,太陽城(01383.HK)亦已確認於上月24日,在銀娛酒店內重開其旗艦貴賓廳,相信有助銀娛重奪部分市佔率。同時,澳門銀河第三及第四期亦有助集團維持潛在增長。美銀美林預料,銀娛第三季經調整EBITDA按年增1%至39.15億元,按季跌10%,是因為第二季錄得3.49億元的正幸運因素所致。

該行將銀娛目標價由65.6港元下調至63.3港元,重申評級“買入”

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