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《大行報告》匯豐研究降銀娛(00027.HK)目標價至68元 維持「買入」評級
阿思達克 02-28 14:40
匯豐研究發表報告指銀娛(00027.HK)第四季EBITDA按季跌1%,按年跌6%,但較該行預期高3%,期內貴賓廳贏率較好,若剔除有關因素,則EBITDA接季仍跌1%。公司宣派特別息0.45元,全年派息比率維持30%。該行指,在賭場重開初期,公司錄更多來自香港及本地的賭客,同時亦開始見到來自中國廣東以外省份的客人回來。公司相信貴賓廳情況改善會較中場快。該行引述公司指,目前每日營運開支為300萬美元,當中80%為員工成本,管理層正鼓勵員工放自願無薪假期。而澳門銀河第三期項目亦可能因疫情干擾減慢建築進度,但公司正努力希望如期明年初開張。公司目前持有517億元淨現金,相信可以應對挑戰。日本方面,自從退出大阪後公司並未發表新的策略,但仍然屬於注視焦點。該行維持銀娛「買入」評級,認為其資產負債表穩健,執行力強,看好長遠增長,目標價由69元降至68元。在現時估值,該行相對上較看好新濠博亞(MLCO)和永利(01128.HK)。
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