大和:升銀娛(0027.HK)目標價至67.4港元 降評級至“優於大市”
大和發表研究報告指,儘管去年同期的低基數,預料銀娛(0027.HK)今年中場博彩總收入增長維持強勁,按年升9.5%,料貴賓博彩總收入跌3.3%,但料營運收入和經調整EBITDA分別按年升3.2%及5.7%,並不預期銀娛路凼第三期的部分開放對盈利帶來重大正面影響,將銀娛目標價60.3港元上調至67.4港元,惟評級由“買入”降至“優於大市”投資評級。
該行續指,隨着銀河國際會議中心的落成,料銀娛將會從當地政府獲得高於預期的賭枱數量,並指銀娛現時正向其他中國的一線城市發展,如成都及重慶等,相信上述因素將有助銀娛轉型至綜合渡假村。
該行稱,銀娛與美高梅正爭奪日本大阪的賭牌,認為銀娛正極力爭取日本的賭牌,亦相信銀娛強勁的資產負債表有助其成為同業中的領先者,該行並下調2020年至2021年的每股盈利預測2%至4%。

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