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一文综合券商对银娱(00027.HK)公布业绩後最新目标价及观点
阿思达克 02-28 12:17
濠赌股银河娱乐(00027.HK)今日早市股价下滑2.2%收51.35元,该公司昨日(27日)收市後公布截至去年12月底止全年业绩,纯利按年跌3.4%至130.42亿元,低於本网综合15间券商预测之中位数133.19亿元。每股盈利3.011元,派母股特别息0.45元。期内收益按年跌6%至519.02亿元,高於本网综合11间券商预测中位数518.15亿元。撇除非经常性及其他开支,银娱去年经调整股东应占溢利为140亿元,按年持平。经调整EBITDA为165亿元,按年跌2%,高於本网综合15间券商预测中位数164.06亿元。银娱主席吕志和昨表示,目前难料疫情何时消退,故难料对营运及建筑影响,但长远对前景保持信心。他又指,再公布派发特别股息每股0.45元,认为派息展现对澳门及集团长远充满信心,会继续凭稳健的资产负债表,实现蓝图及海外拓展机会,包括澳门第三四期、横琴及日本项目。【美银指银娱估值低於长期平均】美银证券下调对银娱目标价,由83元降至82.2元,维持「买入」评级。该行认为银娱去年第四季季EBITDA胜预期,受惠於赢率高於市场预期。该行认为银娱股价的为企业价值倍数9倍,较长期平均低26%,预期在博彩毛收益转向正增长、赌牌续期完成、市占率上升、EBITDA增长加快及潜在日本项目下,银娱未来两年价值将现显着重估。美银又引述银娱管理层估计,贵宾厅从疫情复苏情况可较中场快,目前仍预期澳门银河第三期明年开幕,第三及第四期酒店房间虽然减少,但房间面积增加及质素改善下,目标市场可指向高端客户。公司亦表明对日本项目仍有兴趣。摩根士丹利维持对银娱「与大市同步」评级,与及目标价59元。该行预期澳门银河第三期将由工程受干扰而押後,同时认为2021年预测市盈率11倍的估值在同业中并不吸引,市场亦对银娱在有逾500亿元手持现金下,去年全年派息维持0.91元感到失望,纵使公司正集中为澳门银河第三及第四期作资本开支。本网最新综合11间券商对其投资评级及目标价,3间券商下调目标价,6间给予「买入」、「增持」或「跑赢大市」评级:券商│投资评级│目标价(港元)美银证券│买入│83元->82.2元花旗│买入│69元摩根大通│增持│68.5元汇丰环球研究│买入│69元->68元瑞银│买入│68元大和│跑赢大市│67.4元瑞信│跑赢大市│60元摩根士丹利│与大市同步│59元Jefferies│持有│54元中金│中性│54.8元->53.8元国泰君安国际│沽售│47.6元券商│观点美银证券│预期博彩毛收益恢复增长下,银娱从价值重估中受惠花旗│业绩符预期,对澳门博彩业长远增长及银娱扩展有信心摩根大通│EBITDA及市占符预期汇丰环球研究│具充足资本可应对风暴瑞银│上季EBITDA符预期大和│上季EBITDA优预期,未来博彩毛收益疲弱为利淡因素瑞信│核心EBITDA符预期摩根士丹利│上季业绩符预期,料澳门银河第三期或延迟开幕Jefferies│业绩符预期,短期营运存不明朗中金│基於澳门银河三期或延期开幕,下调明年业绩预测国泰君安国际│预计新型冠状病毒疫情对澳门博彩业全年带来影响
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