《業績前瞻》券商料銀娛(00027.HK)中期調整EBITDA錄負逾11億元 關注旅遊放寬限制
銀河娛樂(00027.HK)將於本周四(13日)公布今年中期業績，受新冠疫情的旅遊限制影響，澳門上半年入境旅客按年減少83.9%、賭收按年大跌77.4%至1,495億澳門元，本網綜合6間券商預測，銀河娛樂今年上半年經調整EBITDA料介乎負11.47億至負12.61億元，按年減少126.5%至129.1%。中位數為負11.85億元。
就國務院宣布由澳門入境的人士持新型肺炎檢測證明，不再需要隔離14日，而澳門政府亦宣布將於明日(12日)恢復珠海個人及團體旅客簽證，投資者將聚焦內地未來恢復個人遊簽證的進度，憧憬下一步將放寬廣東省的個人旅客簽證。
【料EBITDA虧損 聚焦放寬限制】
摩根大通上月底報告，料銀娛今上半年經調整EBITDA預測錄負11.94億元，料今年第二總收入14.48億元按年跌91%(按季跌77%)、料其第二季經調整EBITDA預測為負14.77億元(對比去年第二季43.32億元)，料其第二季貴賓廳賭收僅3.52億元按年大跌95%(按季跌85%)、估計中場賭收僅2.82億元按年大跌96%(按季跌85%)。
澳門博彩業在新冠疫情下如何恢復成為焦點。摩根大通指出，澳門博彩業復甦速度及幅度視乎中國內地對澳門放寬旅遊限制的時間，基於澳門與中國的旅遊計劃及健康碼分享已與香港分離，中國內地與澳門之間的「旅行泡泡」試驗成功，使中國內地更易於對澳門放寬限制。摩通預期恢復旅遊簽證遊客的博彩需求，會在一個月內恢復七成，並在兩、三季度度內完全恢復，最終推升年底的博彩毛收入。該行料銀娛今年第三季總收入錄33.16億元(按季大升1.29倍)、料第三季經調整EBITDA預測錄負9.08億元、估計至第四季經調整EBITDA預測轉錄正數為14.56億元。
就國務院宣布由澳門入境的人士持新型肺炎檢測證明，不再需要隔離14日，而澳門政府亦宣布將於明日(12日)恢復珠海個人及團體旅客簽證，大和指澳門去年來自珠海的旅客共325萬人次，相當於澳門來自內地旅客的11.4%Z，估計內地下一步將放寬廣東省全省的個人旅客簽證。
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本網綜合6間券商預測，銀河娛樂今年上半年經調整EBITDA料介乎負11.47億至負12.61億元，按年減少126.5%至129.1%。中位數為負11.85億元。
券商│今年上半年經調整EBITDA預測(億元)
大和│-11.47億元
花旗│-11.75億元
瑞信│-11.76億元
摩根大通│-11.94億元
匯豐環球研究│-12.45億元
高盛│-12.56億元
按銀娛2019年上半年經調整EBITDA的83億元計算
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