美銀證券:降金沙(1928.HK)目標價至48.1港元 評級“買入”
美銀證券發表報告表示,金沙中國(1928.HK)
去年第四季的經調整物業EBITDA為8.11億美元,按年增長3%,因贏率較高,令季績超出該行及市場預期,淨收入為22.41億美元按年下跌1%,仍超出該行預期。中場收入按年增長3%至14.65億美元,主要是受到基本中場的表現帶動,而高端中場的表現則相對疲弱。貴賓廳收入按年下跌20%。該行估計金沙的市場份額在去年第四季增至24.1%。
該行稱,將金沙中國2020年的EBITDA預測下調19%,以反映新型冠狀病毒的潛在影響,料第一季及第二季的貴賓廳博彩收益將分別減少40%及30%,而中場的博彩收益則分別下跌30%及20%。然而,下調的幅度僅是基於粗略的初步估計,如果持續的時間更長有可能會帶來下行風險。該行亦調低對金沙今年每股盈利預測由0.29美元降至0.21美元。
另外,美銀證券對金沙中國2021年的EBITDA預測則大致維持不變,將其目標價下調1.6%,由48.9港元降至48.1港元,此相當預測今年企業價值對EBITDA的16倍,重申其“
買入
”投資評級,認為由於公司有新擴建項目,其2020下半年至2021年的EBITDA增長將會高於同業,相信金沙有望維持其行業領先地位。
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