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瑞信:下調銀娛(0027.HK)目標價至70港元 評級“跑贏大市”
格隆匯 10-23 11:07

瑞信發表報告指,展望今年第四季及2020年,濠賭業幸運因素(luck factor)將出現結構性增長及賭場優勢(house edge)改善、中場業務繼續脱離貴賓廳業務,行業基調亦見改善、市場保守認為2020年賭收增長2至4%,及行業估值僅EBITDA為11倍,以及料澳門新任行政長官推刺激政策等。

該行指,2019年充滿挑戰,銀娛(00027.HK)面對澳門新貴賓廳產品和區域性賭場的競爭,以及集團物業內部翻新等因素。但公司有強勁的管理團隊及多元化產品,令其維持穩定的市佔率,於17.5%至18.5%水平。

瑞信表示,銀娛在今年第四季仍有逐步改善空間,預料可重奪市佔,因其新貴賓廳已完成及重推,故維持評級“跑贏大市”,但考慮到新賭收及市佔預測後,決定將銀娛2019年至2021年度EBITDA降低3至7%,分別為165.38億元、180.45億元及206.75億元,並將2020年中的目標價由73.8港元降至70港元。

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