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銀河娛樂(0027.HK):股價達到我們目標價,上調到“中性“評級
格隆匯 10-11 08:32

機構:國泰君安

評級:中性

我們維持上次預期不變。我們預測2019年至2021年淨收入分別為529億港元、531億港元和559億港元,分別對應-4.2%、0.3%和5.3%的增長率。我們預測2019年至2021年經調整EBITDA分別為164億港元、160億港元和167億港元,分別對應-1.7%、-0.8%和5.3%的增長率。我們預測2019年至2021年每股攤薄收益分別為3.157港元、3.177港元和3.274港元,相當於1.7%的複合年增長率。

我們維持48.00港元的目標價,但是上調銀娛的投資評級至“中性”。自9月12日發表上一份公司報告以來,我們的展望維持不變,但是公司股價已經下跌並低於我們目標價。我們的目標價相當於13.5/12.8倍2019/2020年經調整EV/EBITDA,以及16.2/15.7倍2019/2020年市盈率。

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