里昂:升金沙中國(1928.HK)目標價至43.8港元 評級“買入”
里昂發表的研究報告指,雖然市場疲弱,但金沙中國(1928.HK)
的中場收入仍具韌性,並支持其利潤擴張。該行指出公司第三季物業EBITDA表現稍遜預期,但認為中場的韌性抵銷了貴賓廳的弱勢,惟貴賓廳市場疲弱情況不能忽視,將2019及2020年對貴賓廳的預測分別降8%及3%,但對中場的看法大致未變,認為組合的轉變可帶動利潤擴張,所以僅將2019年預測EBITDA下調2%,而對2020年預測亦只作小調整,將其目標價由43.69港元升至43.8港元,重申“
買入
”評級。
該行指出高端中場的增長以及中場贏率擴張均帶動了中場表現穩健,認為需留意強勁的贏率是否可以維持,因為相關比例主要受贏率較高的百家樂“
幸運6
”所帶動,相關玩法在貴賓廳有較長曆史而且一直受歡迎,但對中場而言則較新鮮,故有信心中場贏率可維持在高於23%的水平。
該行表示對於四季酒店的或倫敦人稍為延遲開始開幕不感到過份憂慮,認為倫敦人裝修工程的障礙將持續,並繼續為金沙城中心帶來影響,但最終相關項目開幕亦將抵銷部分的影響。
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