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《大行報告》大和下調永利澳門(01128.HK)目標價至13.5元 維持「持有」評級
阿思達克 06-19 14:28
大和發表研究報告,指出永利澳門(01128.HK)十四年來首次提高中介人佣金率,而截至2020年1月份,持牌中介人的總數下降至僅得95間,有別於2013年的235間。隨著社交距離成為全球的普遍現象,在澳門及內地政府開始恢復當地的自由行申請時,該行對澳門半島酒店的生存能力成疑。此外,由於貴賓廳正面對潛在的結構性下行,相信永利澳門的盈利表現將受進一步下行壓力。另外,由於中介行業的規模縮小及產品差異化導致定價能力下降,預期永利將面對提高中介佣金率的壓力。

該行認為永利皇宮在路(乙水)的表現會較同業落後,因為其他營運商短期內將有新物業開幕,永利皇宮二期的第一階段定於最早在2024年第四季開幕,相信需要更長的時間從貴賓廳業務轉型至高端中場業務。

大和維持公司「持有」投資評級,目標價由原來的18.9元下調至13.5元,將2020年的盈利預測下調至淨虧損4.84億美元,2021年的每股盈利預測則下調39%。

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