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大摩:予永利(1128.HK)“與大市同步”評級 目標價17港元
格隆匯 11-07 15:12
摩根士丹利發表報告指,永利澳門(1128.HK) 今年第三季經調整EBITDA按年下跌26%及按季下跌12%,至3.01億美元,表現遜於該行預期的3.16億美元,及市場預期的3.14億美元。大摩予永利“ 與大市同步 ”評級,目標價17港元。
集團將季績表現遜預期,歸咎於直接貴賓廳業務的贏率低,但該行相信其列帳贏率(直接及中介人合計)在2.7%至3%的理論範圍內,因此無需進行調整。
大摩又稱,即使以經調整贏率計,永利的總EBITDA增長亦較同業疲弱。根據澳門博監局數據,行業第三季貴賓廳收入按季下跌10%,而集團表現較市場疲弱,貴賓廳收入按季錄得22%下跌。

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