一文综合大行於银娱(00027.HK)公布业绩後最新评级、目标价及观点
银河娱乐(00027.HK)今日股价跌逾4%报70.9元，公司昨中午公布去年业绩，收益128.76亿元按年跌75.2%，符本网早前综合6间券商预期净收益介乎120.79亿至151.86亿元。计及7.46亿港元非经常性及其他开支，期内盈转亏蚀39.73亿元，胜於本网综合7间券商预期蚀介乎41.68亿至62.64亿元，对上财年同期赚130.42亿元。
撇除银娱非经常性及其他开支，全年经调整亏损32亿元，按年下跌123%；每股亏损91.6仙。不派息。银娱去年第四季净收益为51亿港元按年跌61%，按季上升229%，经调整EBITDA为10亿港元按年跌75%，按季上升207%．银河娱乐主席吕志和表示，随着疫苗发挥作用，当政府尽快开放澳门旅游市场，相信下半年可以派息。
【业绩优预期 候复苏进度】
里昂下调对银娱投资评级，由原来「买入」降至「跑赢大市」，指现估值相当预测2022年企业价值对EBITDA的21.7倍，对比经调整过去七年平均14.6倍，但上调对目标价由73.88元升至81.38元。汇丰环球研究指银娱上季业绩强劲，但相信已反映在股价之上，指估值已合理，维持「持有」投资评级及目标价61.5元。
花旗发表报告表示，银娱去年第四季净收入录51.03亿元按年跌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。花旗指出，银娱的资产负债表依然表现强劲，将其目标价由72元上调至88元，评级「买入」，上调对其今明两年盈利预测各15%及5%。
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本网综合8间券商予银娱最新投资评级及目标价：
券商|投资评级|目标价(港元)
花旗|买入|72->88元
里昂|买入->跑赢大市|73.88->81.38元
美银证券|买入|76->79元
摩根大通|增持|77元
瑞信|中性|54->68.6元
摩根士丹利|与大市同步|64元
瑞银|中性|62.9元
汇丰环球研究|持有|61.5元
券商|观点
花旗|去年第四季表现强劲，市场份额增长持续增强
里昂|第四季业绩略高於预期，成本控制得宜收支平衡
美银证券|上季经调整EBITDA胜预期 因毛利率佳
摩根大通|去年第四季零售收入恢复强劲，憧憬新项目赌场开幕
瑞信|上季业绩胜预期
摩根士丹利|市场份额增长高於预期，惟新赌场博彩收入份额下降
瑞银|季绩优市场预期
汇丰环球研究|第四季度利润率胜预期，憧憬新赌场开工如期开幕
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