《大行报告》瑞信:银娱(00027.HK)上季EBITDA轻微高预期 维持「跑赢大市」评级
瑞信发表报告表示,银河娱乐(00027.HK)去年第四季EBITDA按季跌1%(按年跌6%)至40.52亿元,轻微高於该行原预期39.74亿元(市场料39.72亿元),主要受赢率所推动,指其核心EBITDA符合预期。
该行指,银娱每股特别息0.45元,即2019年派息比率达30%符合预期。其资产负债表仍强劲,持净现金517亿元(对比2019年第三季为472亿元)。公司继续推进澳门银河三期及第四期项目。该行将关注公司受疫情影响後最新前景指引、澳门银河三期及第四期项目、拓展日本市场等进度。
瑞信维持对银娱「跑赢大市」评级及目标价60元,仍看好行业长期增长,但现价反映市场对复苏过於乐观。有数个风险可能拖低股价,首先市场可能下调盈利预测,估计澳门3月/4月赌收或下跌60%至80%;其次,现价相当2021年预测企业价值对EBITDA的12倍,估值并不便宜;赌牌续期仍存在不确定性。(wl/u)
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