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2020年營收略不及預期,21年持續回暖,金沙中國年報點評
格隆匯 03-26 11:47

3月25日,金沙中國(1928.HK)發佈了2020年度業績公吿。

公司2020年全年營收同比下降80.8%至營收16.87億美元,淨虧損15.2億美元,同比下降90.28%。其中20Q4經調整物業EBITDA為0.47億美元,相較19年同期的8.11億美元和三季度的虧損2.33億美元,其業績略低於預期,受該消息影響,公司股價小幅下跌約1%。

金沙中國財務摘要

資料來源:公司公吿

業績分拆來看,金沙中國2020年受疫情影響較大,由於簽證與旅遊限制的緣故,2020年訪澳門人數大跌,博彩與旅遊是相輔相成的,因此公司2020年博彩淨收入下降至11.69億美元,比重下降到68.4%,非博彩淨收入則為5.1億美元,比重抬升至29.8%。伴隨着疫情復甦以及禁令的放開,這個比重會進一步提升。

資料來源:WIND

 

將四個季度分拆來看,考慮到澳門地區是全國疫情控制最好的地區,已經有一年沒有本土新增,2020Q2以後公司營收開始緩慢回升,20Q4則復甦速率大大提升。預計近年全年有望恢復至疫情前60%以上的數據。

資料來源:WIND

將博彩業務分拆來看,受疫情影響最大的板塊是貴賓廳業務,其淨贏率大幅下降,疫情前貴賓廳淨贏率平均水平維持在3.3%-3.4%,20年平均水平為2.36%,因貴賓贏率較低,標準化贏率下經調整物業EBITDA增加0.23億美元至0.7億美元。新冠疫情導致去年2月5日-26日期間部分博彩業務暫停,客房業務在二月和三月期間也曾暫停。按業務來看,四季度博彩/客房/餐飲同比下滑74%/65%/68%,中場業務和貴賓業務均錄得超過70%的跌幅,貴賓業務收入大約只有19年的一成,其受影響最深。

高端中場和商場分部提振業績。12月酒店入住率達到50%,但因客流仍未恢復到疫情前水平,中場表現持續低迷。四季度在高端中場業務和奢侈品零售業務提振下業績開始恢復,高端中場贏額約為19年同期44%,而普通中場贏額僅為24%。角子機方面的話基本保持穩定,主要受人數大幅下降的影響,後期會回到疫情前水平。

 

在公司增長點方面,底層邏輯是得益於疫情復甦後禁令的陸續解禁,另外金沙中國旗下項目,“澳門倫敦人”將會在今年 2月8日首階段開放,原本預計20H1開業,受疫情影響延期;開放設施包括供應 600 間全套房的澳門倫敦人酒店、水晶金殿、全新餐廳及互動式倫敦主題景點,而整個項目預計於 2021 年分階段完成。可以預計今年上半年澳門博彩業在疫情反覆的陰霾下仍處於一個低流量的復甦態勢,短期來看原有酒店項目並不能滿員,新項目開業更多是對公司長遠發展的影響。

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