You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》美銀證券下調香格裏拉(亞洲)(00069.HK)目標價至7.7元 評級「買入」
阿思達克 08-30 09:56
美銀證券發表報告指,香格裏拉(亞洲)(00069.HK)上半年應佔EBITDA爲2億美元,按年升618%,主要受惠內地酒店業務自低基數復甦,整體收入按年升20%至5.46億美元,而整體平均可供出租客戶收入則升29%至45美元,主要受惠出租率升至38%,不過平均房價則跌14%。 該行指出上半年公司「燒錢」1.3億美元,包括是負現金流4,800萬美元及8,200萬美元利息開支,上半年資本開支爲4,900萬美元,而下半年「燒錢」速度料減慢。該行指出7月份內地入住率達70%,是疫情後新高,不過8月份受南京爆發疫情影響,入住率回落至逾20%,管理層期望內地在9月及10月復甦,不過踏入11月及12月剛較審慎,而在香港、新加坡及澳洲市場下半年則料有上行。 報告補充,隨着內地入住率回到疫情前的90%水平,EBITDA利潤已回到2019年水平,反映公司成本管控見效,不過削減人手的舉措估計已完成。而在香港市場方面,嘉裏酒店達到EBITDA正數,主要因爲酒店屬檢疫酒店之一,而港島香格裏拉及九龍香格裏拉則未達收支平衡水平,港島香格裏拉裝修將在明年完成,而餐飲業務已回覆至疫情前水平,部分餐廳訂座爆滿至10月。 該行將公司2021/22年EBITDA降至4.15億美元及6.84億美元,以反映Delta變種病毒爆發對全球可供出租客房收入的影響,將公司目標價降16%至7.7元,重申「買入」評級,相信隨着接種率改善,將利好主要市場逐步重啓。
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.
uSMART
Wealth Growth Made Easy
Open Account