《大行報告》花旗上調新濠國際(00200.HK)目標價至17元 評級「買入」
花旗發表研究報告,指出新濠國際(00200.HK)之附屬公司新濠博亞娛樂(MLCO.US)第三季收入按年減少85%至2.13億美元。經調整物業EBITDA虧損按季收窄約51%,至7,700萬美元。EBITDA表現好過該行及市場預期,相信主要成本控制好過預期所致。該行認為收入及EBITDA連續錄得改善,反映逐步恢復個人遊對澳門的正面影響。
基於10月份的貴賓廳及中場的博彩收益表現,管理層現預期物業EBITDA的收支平衡點為正常賭收水平的25%至29%。與澳門其他競爭對手的經歷相似,新濠博亞娛樂的復甦主要是高端中場業務所帶動。經調整運氣因素後,10月份EBITDA為正數。而頤居(Nuwa)的裝修工作已經加快,預期酒店部分會在明年農歷新年重開。明年的資本開支料大約10億美元。
該行將新濠國際2020至2022財年的盈利預測上調至3.89億元,以反映對新濠博亞娛樂的最新盈利預測。新濠國際目標價由原來的16.5元調高至17元,維持其「買入」投資評級。
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