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《大行報告》匯豐研究上調銀娛(00027.HK)目標價至47.5元 評級「買入」
阿思達克 11-12 09:52
匯豐研究發表研究報告指出,銀河娛樂(00027.HK)第三季經調整EBITDA爲5.03億元,按季跌56%,但仍高過該行預期的4.09億元;博彩業務贏率偏低,令經調整EBITDA減少約4,700萬元;EBITDA利潤率爲10%,較預期高出2個百分點。 該行指出,銀娛對澳門長遠前景仍充滿信心,但監於疫情,11月份內地仍未放寬旅行限制,估計短期復甦可能面臨挑戰。公司目前集中於控制成本,運營支出由第二季的每日240萬美元,控制降至每日230萬美元水平,現金消耗減少至每日200萬美元。而澳門銀河萊佛士的開業取決於2022年的市場條件而定。此外,集團繼續在日本和包括橫琴在內的大灣區尋求機會。至於有關賭牌重新招標時間緊迫,銀娛並未排除當局延長賭牌經營許可的可能性,但亦爲隨時展開的投標過程作好準備。 匯豐研究對銀娛的目標價由46.8元上調至47.5元,維持「買入」評級,認爲其強大的管理團隊與良好的業績紀錄將有助於集團在艱難的經營環境中,表現跑贏同業,而集團的淨現金狀況亦好過其競爭對手。
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