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金沙中國有限公司(1928.HK ):中場業務穩健增長,新套房開業略有延期,維持“買入”評級
格隆匯 10-28 14:51

機構:廣發證券

評級:買入

核心觀點:

貴賓業務同比降幅擴大,中場業務繼續較快增長

3季度公司博彩毛收入同比下滑5.2%,主要是因為貴賓業務毛收入同比下滑36.1%,而中場業務毛收入同比增長8.8%,繼續保持穩健增長。其中,普通中場業務毛收入同比增長8.1%,創下歷史新高。高端中場業務毛收入同比增長9.4%,環比較2季度有所復甦。3季度公司經調整EBITDA為7.55億美元,同比基本持平。由於中場業務和非博彩業務佔比提升且利潤率更高,公司物業EBITDA利潤率同比提升70個基點至35.7%。

四季酒店新套房開業時間略有延遲

據季報電話會議,四季酒店套房將部分在明年春節開業,其餘部分將在明年2季度開業。在9月末四季酒店已經開設3個豪華博彩區。此外,倫敦人已經完工150間套房,而博彩區的翻新還沒有開工,北邊外立面的工程也要在2020-21年才能完成。為了降低倫敦人升級對運營的干擾,公司會將金沙城中心的大多數賭客轉移至澳門路氹的其他物業。

公司將竟逐橫濱綜合度假村運營商

據季報電話會議,公司在尋求日本發展機會時將專注於兩個主要城市的賭牌。基於自身的優勢考慮,公司目前已經放棄在大阪地區選址,而是將竟逐成為橫濱地區的運營商。

預計公司 19/20年EBITDA為32.0/35.9億美元

公司的普通中場業務和非博彩業務將受益於澳門遊客人次繼續快速增長。隨着四季酒店套房和倫敦人大樓套房的開業,公司將提升在高端中場業務的競爭力。因此,我們維持合理價值42.3港元/股,維持買入評級。

風險提示

外匯管制收緊的風險;賭牌續期的風險;改擴建進度低於預期的風險。

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