《大行報告》匯豐研究上調銀娛(00027.HK)目標價至59元 評級「持有」
匯豐研究發表報告指出銀娛(00027.HK)第三季EBITDA虧損9.43億元,有別於去年同期錄盈利,而該行預期虧損為10.91億元。表現好過預期主要是由於澳門銀河及澳門星際酒店的毛利率好過預期,以及建築材料業務的貢獻提高所致。
展望未來,該行指銀娛10月份貴賓廳及中場博彩收益分別是疫情前水平的25%及35%至40%,而零售業務回復至80%水平。貴賓廳的收入會繼續見波動,而中場的營運則相對穩定。由於營運開支按季減少10%至每日230萬美元,銀娛目前已在第四季實現盈利。若博彩收益可以維持疫情前的25%至29%水平,相信銀娛有望達到收支平衡。
該行維持公司「持有」投資評級,目標價由原來的56.5元上調至59元,喜歡公司擁有強大的管理團隊,穩健的往績及強勁的資產負債表,可以在艱難的環境下前行。
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