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《大行報告》大摩:金沙中國(01928.HK)次季LBITDA符預期 評級「增持」
摩根士丹利發表研究報告指出,金沙中國(01928.HK)第二季經調整物業EBITDA虧損1.1億美元,標準化贏率下經調整物業EBITDA虧損1.23億美元,大致符合市場及該行預期;公司次季虧損4.22億美元。 該行預期金沙第二季的中場業務市場份額按季升至25%,與去年同期一致,但較2019年同期的29%低;中場及角子機收入按季跌45%至14%;次季日均營運開支爲420萬美元,按季持平,估計第三季將按季跌8%至370萬美元,主要由於在賭場關閉兩週中節省了員工成本;次季淨債務按季增長2.5億美元,至78億美元,爲該行預測金沙2023財年EBITDA的5.9倍。 大摩估計金沙在零收入的情況下,每日現金消耗約570萬美元,而其18億美元現金儲備相信可支持10個月的現金消耗。 此外,摩根士丹利指金沙不包括零售的息稅前利潤(EBIT)爲8,100萬美元,按季跌8%,經調整稅、息、折舊及攤銷前虧損(LBITDA)約爲2億美元,符合預期。該行維持對金沙中國「增持」評級及目標價22元。
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