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《大行报告》瑞信上调银娱(00027.HK)目标价至68.6元 评级「中性」
阿思达克 02-26 10:46
瑞信发表报告,指银河娱乐(00027.HK)去年第四季表现稳健,EBITDA转正录10亿元胜预期,资产负债表稳健,所持净现金368亿元,冠绝同行。

该行指,银娱在农历新年表现胜去年黄金周,受惠旅客增长和高端客户逗留时间延长;看好未来展望,受惠边境重开,以及五一劳动节的情况;第三期项目计划於今年开业,会针对高端客群,第三四期的资本开支为500亿元;去年第四季每日经营开支为2,300万美元。

瑞信指,近期放宽措施和疫苗接种的消息带动正面气氛,不过市场对复苏步伐和结构性问题,如监管收紧等有过份乐观的情绪,相信将损害贵宾厅和高端中场的生意。

该行升银娱2020至2022年EBITDA预期5-9%,上调对目标价,由54元升至68.6元,基於其股价已抽升,指现估值合理,决定维持对其「中性」评级。(ic/w) ~

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