《大行報告》美銀證券:銀娛(00027.HK)風險回報吸引 目標價上調至72元
美銀發表研報指,銀河娛樂(00027.HK)的股價自9月初至10月中旬曾一度累跌18%,相信主要是受市場擔憂內地打擊海外博彩所影響,認為監管主要針對中介活動,預計將減慢澳門貴賓廳業務的復甦步伐,但預期對銀娛影響可控。
該行解釋,貴賓廳業務對其2019年EBITDA僅貢獻14%,預期明年佔比更會降至7%,相信下行空間有限,又預計路(乙水)城銀河第三及第四期可能有助取得更多市場份額,並實現EBTIDA增長,料第三期將為2022年EBITDA貢獻31億元,但將2021至2022年EBITDA預測下調26%及7%,以反映貴賓廳業務風險及第三期工程可能延期等因素。
考慮疫苗消息利好及澳門賭收改善,銀娛股價最近出現反彈,該行重申「買入」評級,指其風險回報吸引,目標價由64.7元升至72元。
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