《大行报告》花旗上调新濠国际(00200.HK)目标价至17元 评级「买入」
花旗发表研究报告,指出新濠国际(00200.HK)之附属公司新濠博亚娱乐(MLCO.US)第三季收入按年减少85%至2.13亿美元。经调整物业EBITDA亏损按季收窄约51%,至7,700万美元。EBITDA表现好过该行及市场预期,相信主要成本控制好过预期所致。该行认为收入及EBITDA连续录得改善,反映逐步恢复个人游对澳门的正面影响。
基於10月份的贵宾厅及中场的博彩收益表现,管理层现预期物业EBITDA的收支平衡点为正常赌收水平的25%至29%。与澳门其他竞争对手的经历相似,新濠博亚娱乐的复苏主要是高端中场业务所带动。经调整运气因素後,10月份EBITDA为正数。而颐居(Nuwa)的装修工作已经加快,预期酒店部分会在明年农历新年重开。明年的资本开支料大约10亿美元。
该行将新濠国际2020至2022财年的盈利预测上调至3.89亿元,以反映对新濠博亚娱乐的最新盈利预测。新濠国际目标价由原来的16.5元调高至17元,维持其「买入」投资评级。
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