《大行报告》花旗:银娱(00027.HK)上季业绩稳固 资产负债表仍然强劲
花旗发表研究报告指,银娱(00027.HK)公布去年第四季净收入录51.03亿元,按年下跌61%,经调整EBITDA按年下跌约75%至10.1亿元,远超该行预期的9.16亿元及市场普遍预期的9.15亿元,相信主要是由於银河娱乐场及星际娱乐场的中场赌台收入好过预期。
期内集团贵宾博彩总收入按年下降74%,博彩量同时亦下降74%,贵宾赢款率(VIP Hold Rate)略微偏低,由2019年第四季的3.82%降至3.75%,整体中场博彩收入则按年下降63%。
花旗指出,澳门银河娱乐场期内EBITDA按年跌77%,经调整EBITDA约为8亿元,对比2019年同期为30亿元;星际娱乐场EBITDA亦按年下跌81%。该行指,银娱的资产负债表依然表现强劲,截至2020年底现金和流动投资为460亿元,净现金余额为368亿元,以SOTP及DCF估值法,给予目标价72元,评级「买入」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.