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富瑞:維持永利澳門(1128.HK)持有評級 目標價12.8港元
格隆匯 11-06 12:42

富瑞發表研究報告指,永利澳門(1128.HK)第三季業績表現令人失望,期內經調整EBITDA虧損高於市場預期,但受惠於高端中場及人流增加,目前EBITDA已轉正;而管理層亦指出,雖然需求被壓抑,惟預期客量仍維持低於去年的水平,並料復甦是逐步且審慎。該行維持其持有評級,目標價為12.8港元。

富瑞指,相比8月虧損4000萬美元,10月份EBITDA已扭虧,且人流亦較疫情前增加30%;同時消費者需求大增,帶動集團首5間商店銷售額按年增加25%,此外,訪客停留天數亦由2天,增到3至4天;而高端中場業務有望帶動中介分部復甦。另外,集團目前流動資金為22億美元,其中每日燒錢將200萬美元,但隨著人流增加,其成本料增10%。

該行認為,由於黃金週有所延遲,令行業EBITDA漸回覆至收支平衡,惟相信在重開電子個人旅遊簽證前,行業只能緩慢地復甦。

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