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大摩:維持銀河娛樂(0027.HK)增持評級 目標價51港元
格隆匯 01-06 12:43

摩根士丹利發表研究報吿指,銀河娛樂(0027.HK)高端奢侈品零售銷售已回覆至2019年及甚至超過2019年水平,預期第四季零售租賃按季升10%,接近2019年第四季水平。該行維持其“增持”評級,目標價51港元。

該行指,澳門政府於2022年度財政預算案中指出,將按年削減中介人佣金税項80%,意味有少量中介人或可維持其牌照。另外,澳門12月中場收入為2019年水平的54%,按月升10%,當中銀娛與其他高端物業擴張速度更快,而農曆新年行情需視乎國內新冠疫情。

該行指,銀娛預期從成本減少可令利潤率改善100-200個基點,該行料2023年EBITDA為33%,對比2019年為25%,主要由於中場業務佔賭收增長比將由2019年的52%上升至2023年的超過80%。

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