《大行報告》花旗:永利澳門(01128.HK)次季業績略遜預期 維持「中性」評級
花旗發表研究報告指,永利(01128.HK)母企第二季業績中,提及澳門收入為2,100萬美元,按年跌98%,EBITDA虧損錄1.94億美元,略較預期為差,主因4月和5月EBITDA虧損增加,加上6月份幸運因素影響。整體貴賓廳的賭收因應贏率,而錄負4,200萬美元,貴賓廳轉碼數按年跌90%,中場按年跌98%。
該行引述管理層指,對中澳兩地旅行限制的解禁會溫和放行,相信兩地「旅行泡泡」會於今年內完成,相信解除限制後,人流會有明顯增長。
該行指,現時澳門兩間賭場的日均開支介乎150萬至200萬美元,明顯較以往減少,根據最新的營運開支,第四季收支平衡水平降至賭收的40%(之前指引為約45%)。而香港撇除在「旅遊泡泡」外,會對澳門有短期正面影響。
該行對公司2020-22年盈測大致不變,目標價15.5元,評級維持「中性」。
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