大和:下調永利澳門(1128.HK)評級至“持有” 目標價18港元
大和發表研究報告指,永利澳門(1128.HK)第三季經調整後物業EBITDA遜預期並持續下跌,第三季及首九個月的中場及貴賓廳賭收均遜於同業,遂將投資評級由“優於大市”下調至“持有”,目標價18港元不變。
大和表示,永利澳門第三季經調整後物業EBITDA按年跌26.4%至3.01億美元,低於該行及市場預期,併為行業中唯一錄得按年跌幅的營運商。
大和指出,永利第三季及首九個月的中場賭收分別按年升7.1%及5.9%,而同期的貴賓廳賭收則分別按年跌41.3%及跌20.1%,相關表現均較同業遜色,並形容永利是眾營運商中,對中短期貴賓廳市場挑戰最敏感的一個。該行預期,面對短期挑戰持續,永利貴賓廳賭收有機會在未來三季錄得持續按年下跌。

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