一文综合券商於银娱(00027.HK)公布季绩後最新评级、目标价及观点
银河娱乐(00027.HK)今早股价软，受新冠疫情在全球蔓延影响，市场担心旗下银河第三期项目或有机会延期。该公司昨收市後公布今年首季录得净收益51亿元，按年及按季均减少61%。经调整EBITDA为2.83亿元，按年及按季均减少93%。首博彩业务净赢率偏高，令经调整EBITDA增加约8,400万元。净赢率正常化後，首季经调整EBITDA为1.99亿元，按年及按季减少95%。集团今年首季净博彩收益为40.46亿元，按年下降63.5%；非博彩收益为5.49亿元，按年减少59%。
银娱指，受新冠肺炎的疫情影响，今年首季对全球的社群及营商而言是一个非常困难的时期。由於现时仍未知疫情会持续多久，因此难以量化疫情对集团全年财务的影响，相信将会对集团的业绩造成打击。集团维持资本充足，因应现时的经营环境，集团亦尽力调整业务运作以有效控制成本。在银娱，集团不希望裁减人手，所以尽力把新冠肺炎构成的影响在团队成员之间尽量分散，集团亦会继续路(乙水)第三及四期的发展。
【短期受冲击 持现金充裕】
花旗发表报告表示，银娱管理层在分析员会议上指银河第三期项目或会受新冠疫情拖累其开幕的间表，虽然公司指目前仍维持原先时间(2021年年初)，为反映首季业绩及银河第三期项目预测，决定对银娱2020财年至2022财年的收入预测调整-17%至+3%，并重申予其「买入」评级，目标价维持66.5元。摩根大通表示，对银娱首季绩差不感意外，维持其「增持」投资评级及目标价66元。
海通国际引述银娱管理层料，银河第三期及第四期酒店房间的数量，会由原先4,000间降至3,500间，短期会聚焦成本减省措施，该行认为银娱目前估值，反映市场对其银河第三期及第四期估值预测近零水平，维持对其「买入」评级及目标价59.3元。
汇丰环球研究表示，银娱首季博彩业务净赢率偏高，令经调整EBITDA增加约8,400万元。截至2020年3月底银河保持强劲的资产负债表，现金和流动投资为519亿元，但指银河第三期项目有机会延期。该行将银娱目标价由52.5上调至53.5元，维持其「持有」评级。
本网最新综合9间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
花旗│买入│66.5元
瑞信│跑赢大市│66.3元
摩根大通│增持│66元
里昂│买入│64,97->63.85元
海通国际│买入│59.3元
美银证券│买入│57.4元
汇丰环球研究│持有│52.5->53.5元
摩根士丹利│与大市同步│50元
杰富瑞│持有│38元
券商│最新观点
花旗│将2020-2022年盈利预测下调-17%至+3%
瑞信│边境重开成行业发展关键因素
摩根大通│首季绩差毫不意外，资产负债表仍强劲
里昂│关注银河第三期项目有机会延期
海通国际│首季业绩并不重要，短期聚焦成本减省措施
美银证券│首季EBITDA胜预期，受惠赢率正面
汇丰环球研究│运营支出有望二季度下跌
摩根士丹利│行业前景存不确定性
杰富瑞│前景暂取决於放宽隔离政策，行业复苏需时
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