《大行報告》匯豐研究:金沙中國(01928.HK)上季EBITDA轉正數 受惠毛利率理想
匯豐環球研究發表報告指,受惠於更佳的毛利率,金沙中國(01928.HK)去年第四季表現勝預期,撇除渡輪的物業EBITDA轉正數至5,200萬美元,按年下跌94%,高於該行預期的3,500萬美元。經調整幸運因素後,物業EBITDA為7,000萬美元,較預期為好主要是因非博彩業務的貢獻及成本控制。
該行表示,內地華北地區去年12月底開始再度爆發新型肺炎確診個案,令行業逐步復甦的希望中斷,集團管理層提到,1月下半月的訪客量更為疲弱,亦開始有取消預訂。續牌方面,管理層指由於疫情及澳門立法會選舉的時間安排,澳門行政長官已公開確認將考慮所有可能性,包括延長牌照最多達五年。
匯豐研究維持金沙中國股份「買入」評級,目標價36.6元。雖然近期有不明朗性,但該行相信集團在中場及非博彩板塊有較多業務,應能讓其更好地度過監管風暴。
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