《大行報告》大摩料金沙(01928.HK)不派息可保留約10億美元現金 估值溢價勢必收窄
就金沙中國(01928.HK)公布,董事會議決不建議派付截至去年12月31日止年度之末期股息,摩根士丹利指金沙中國因新冠疫情影響不派2019年每股末期息1元,相信投資者會理性理解需預留現金應對(粗略估計涉10億美元),但結果難免會令市場對金沙中國自2014年來較同業的估值溢價有所收窄(其企業價值對EBITDA較同業有溢價20%),因公司終止了自2014年以來每年均派發股息。
該行認為,金沙中國一向較同業享有估值溢價,第一是公司保持持續派息的高紀律、第二是其非貴賓廳業務佔比較高。該行留意到,金沙是繼永利澳門(01128.HK)後第二間宣布停派2019年股息的博企,行業正因新冠疫情令收入受到挑戰。
大摩維持對金沙中國「與大市同步」投資評級及目標價33元。(wl/u)
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