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《大行報告》美銀證券下調大酒店(00045.HK)目標價至8元 評級「跑輸大市」
阿思達克 03-18 11:18
美銀證券發表的研究報告指,大酒店(00045.HK)去年收入59億元,經調整EBITDA按年跌17%至13.9億元,符該行預期,惟期內基本純利按年跌35%至4.8億元,盈利能力顯著下降主要受香港示威活動影響,第三、四季的香港半島酒店可出租房間收入分別按年跌42%及65%,而新型冠狀病毒爆發亦影響到公司首兩月的表現,管理層預期今年首季將錄經營虧損。

該行出席分析員會議後指出,公司於巴黎及馬尼拉的酒店均暫時關閉,而其他酒店的出租率則維持在單位數至25%水平,公司已推出措施減低成本,包括是為員工推無薪假計劃,該行認為公司資產負債表仍然強勁,當中淨債務與股本比率僅17%。而在開發中的項目方面,於倫敦、仰光及伊斯坦堡分別有項目正在開發,目標是在2021年下半年開張,但疫情爆發亦有機會影響到供應鏈及為開張時間帶來風險,公司現時估算倫敦項目的預算將由原先的6.5億鎊增至8億鎊。

美銀證券估算公司今年收入將按年跌43%至34億元,並錄5.7億EBITDA虧損,該行下調對其EBITDA的預測以反映疫情環球爆發將影響到公司在亞洲其他地區及歐美市場的表現,並估計直至第三季可出租客戶收入將錄70%至90%的跌幅,而第四季將現復甦,情況亦料會在2021年回復正常。故該行將2021年的盈利預測維持不變,重申「跑輸大市」評級,認為短期未見有催化劑可扭轉弱勢,目標價降13%,由9.4元降至8元。

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