高盛:予金沙中國(1928.HK)“中性”評級 目標價41.6港元
高盛發表的研究報告指,金沙中國(1928.HK)
第三季業績大致符該行及市場預期,當中物業EBITDA按季跌1%至7.55億元(美元,下同),按年則持平,主要受惠中場博彩收入按季升3%,當中高端中場升6%,而贏率亦升0.9個百分點至23.6%。期內貴賓廳賭收按季跌22%,而非博彩收入則持平,酒店、零售方面分別按季升5%及4%,惟相關利好因素部分被渡輪業務弱勢所拖累,受香港局勢影響期內載客表現疲弱,相關收入按季跌19%。經調整集團EBITDA按季升1%,表現好過同業,亦好過該行早前的預測,予“
中性
”評級,目標價41.6港元。
按娛樂場劃分,威尼斯人及金沙城中心EBITDA按季增2%至3.42億元及1.69億元,而巴黎人EBITDA則按季跌14%至1.2億元,不單受貴賓廳贏率較低所拖累,且期內中場賭收亦按季跌1%。整體而言,金沙中國第三季博彩收入市場份額跌0.2個百分點至23.3%,但認為以EBITDA計算份額則升1.3個百分點至34.3%,主要因為市場份額流失大部分是源自利潤較低的貴賓廳業務,相關分部僅貢獻集團第三季EBITDA的7%。
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