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美銀證券:升銀娛(0027.HK)目標價至84.6港元 為今年濠賭股首選
格隆匯 01-06 11:02
美銀證券發表研究報告,指銀河娛樂(0027.HK) 為該行今年濠賭股首選,因相信其良好定位能迎接下一週期。隨着第三及第四期項目未來四年投運,屆時樓面可擴大約一倍;銀娛股價去年累升15.3%,跑輸同業,市佔率亦由23%收縮至21%,不過,銀娛EBITDA在下行週期表現仍具韌性,過去兩年維持每季約42億港元。美銀證券相信第三期項目開幕後,明年銀娛市佔將再度擴張,市場今年將重新評估其潛力。
該行指,預期銀娛EBITDA可於未來三年增長超過50%,主要由其第三及第四期項目帶動,第三期項目目前重新定位,包括有國際綜合會議中心、新高端酒店及娛樂場館,相信可於明年首季準備就緒。另第四期項目,則會分不同主題的賭場,已完成地基工程,目標於2022年開業。該行認為,其對銀娛盈利評估屬保守,因僅意味第三及第四期項目投入資本回報率(ROIC)僅15%。由於第一及第二期項目ROIC逾25%的往績,料市場仍未確認第三及第四期項目潛力,盈利能力有潛在上升空間。
美銀證券大升銀娛目標價32.8%,由63.7港元升至84.6港元,重申“ 買入 ”,以反映計入最新的2021年估值,以及提升估值基礎,由明年預測企業價值對EBITDA倍數13倍上修至14倍;並相信目前估值仍屬保守,認為公司未來兩年可迎來重大估值重評。

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