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美銀證券:升金沙中國(1928.HK)目標價至48.9港元 重申“買入”評級
格隆匯 01-06 11:14
美銀證券發表研究報告,指金沙中國(1928.HK) 今年新增及重新開幕的酒店房數約有1,200間,相信集團有望提升市佔率。其股價於去年升21.4%,跑贏其他同業4%,主因中場佔比高於市場平均值及派息理想。金沙現價為2020及2021年企業價值14倍及13倍,相信重估空間較同業小,不過由於金沙今年有新供應,相信集團EBITDA增長高於同業,可維持其行業領先地位。而因集團貴賓廳業務佔其盈利比例僅單位數,故相信不會受貴賓廳增長較預期緩慢所影響。
該行相信,公司2020至21年EBITDA年複合增長率有望達到10%,主要受惠中場增長及市佔率提升,同時旗下翻新工程亦預期陸續完成,相信產品可有助鞏固其高端中場的定位。 該行將金沙目標價升11%至48.9港元,重申“ 買入 ”評級。

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