《大行報告》高盛:金沙中國(01928.HK)第二季業績優預期 略降目標價至41元
高盛發表的研究報告指,金沙中國(01928.HK)次季業績好過該行及市場預期,期內物業EBITDA爲1.32億美元,高於該行預期的1.14億美元,受助於贏率表現,經調整相關因素後次季物業EBITDA爲1.13億美元,按季升51%,相當於疫情前的15%水平,較首季的9%有所改善。
該行指出,次季金沙中國博彩收入按季升10%,跑贏行業的7%升幅,不單是受惠於貴賓廳贏率,同時倫敦人業務續提升,在增長快速的中場業務的覆蓋面提升。儘管6月受累廣東疫情重現、內地收緊旅遊禁令,當月公司在中場及角子機賭收仍分別升16%及12%,普通中場按季更改善31%,而高端中場按季改善9%,表現符合訪澳旅客趨勢。期內非博彩收入按季升10%,主要受惠酒店的表現,而入住率亦由首季的41.9%升至51.6%。
該行引述電話會議上管理層維持樂觀,並估計踏入暑假及十一黃金週,博彩收入復甦將再度加快,而該行的調查亦顯示上週末的日均訪澳旅客回覆至3.2-3.3萬人,而上週賭收亦復甦至3億澳門元,不過內地對病毒「零容忍」意味放寬旅遊的時間表存在不確定性。不過該行相信粵港澳潛在爲已接種人士推出旅遊氣泡仍有希望,以現時接種速度來看,內地接種率到第四季應可逾80%,而港澳進度亦類似。
該行將公司2021-23財年EBITDA預期微降1%至2%,並將目標價由41.4元降至41元。認爲特首對粵港澳通關的言論反映短期與澳門通關可能性較微,但仍相信澳門博彩業現水平風險回報吸引,建議投資者囤積「買入」評級的公司,包括是澳博控股(00880.HK)、銀河娛樂(00027.HK)、金沙中國及新濠博亞娛樂(MLCO.US)。
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