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《大行报告》汇丰研究降银娱(00027.HK)目标价至68元 维持「买入」评级
阿思达克 02-28 14:40
汇丰研究发表报告指银娱(00027.HK)第四季EBITDA按季跌1%,按年跌6%,但较该行预期高3%,期内贵宾厅赢率较好,若剔除有关因素,则EBITDA接季仍跌1%。公司宣派特别息0.45元,全年派息比率维持30%。该行指,在赌场重开初期,公司录更多来自香港及本地的赌客,同时亦开始见到来自中国广东以外省份的客人回来。公司相信贵宾厅情况改善会较中场快。该行引述公司指,目前每日营运开支为300万美元,当中80%为员工成本,管理层正鼓励员工放自愿无薪假期。而澳门银河第三期项目亦可能因疫情干扰减慢建筑进度,但公司正努力希望如期明年初开张。公司目前持有517亿元净现金,相信可以应对挑战。日本方面,自从退出大阪後公司并未发表新的策略,但仍然属於注视焦点。该行维持银娱「买入」评级,认为其资产负债表稳健,执行力强,看好长远增长,目标价由69元降至68元。在现时估值,该行相对上较看好新濠博亚(MLCO)和永利(01128.HK)。
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