《大行报告》高盛:永利澳门(01128.HK)季绩符预期 优越中场复苏较强劲
高盛发表研究报告指,永利澳门(01128.HK)第三季业绩基本符合预期,物业EBITDA亏损收窄至1.12亿美元,少於次季的1.94亿美元亏损,主要由於自7月以来进一步控制成本开支,每日运营支出由第二季的220万美元,降至约200万美元。
该行表示,经调整赢率(win rate)後,集团EBITDA亏损为1.09亿美元,换言之7月至9月亏损分别录4,600万、4,000万及2,600万美元,预期受惠於当地旅游业复苏及十一黄金周的赌收表现,10月份将转盈,录EBITDA约600万美元。
永利管理层认为需求恢复强劲,10月赌收回升至去年第四季水平约35%,并估计贵宾厅转码数正温和回升至约30%。他们承认,中介市场可能会进一步整合,使澳门的贵宾博彩总收入在中期难以完全恢复。积极的一面是,他们注意到两处物业的优越中场都有强劲增长,而没有互相蚕食情况。
高盛因此将今年EBITDA预测上调11.1%,将2021至2022年EBITDA下调0.2%,维持目标价14.2元及「中性」评级。
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