《大行報告》瑞信:銀娛(00027.HK)次季EBITDA優預期 指具強勁現金應付行業低潮
瑞信發表研究報告指,銀娛(00027.HK)第二季經調整EBITDA虧損達3.84億元,主要由於期內疫情影響到澳門旅遊業,對比首季錄經調整EBITDA收益5.75億港元。正常化後經調整EBITDA虧損則為4.08億元,對比首季為收益5.72億元。
銀娛第二季總體博彩收入按季下跌59%,跌幅高於行業同期的跌53%,僅達到疫情前水平約10%,當中貴賓廳及中場的份額都因訪澳旅客減少而下降。瑞信指出,目前銀娛資產負債表依然表現強勁,截至6月現金及流動投資達290億元,淨現金有約203億元,核心債務維持在3億元的最低水平,亦未有錄得與澳門業務相關的債務,預期利息收入可覆蓋相應借貸成本。
管理層對澳門的長期前景仍然充滿信心,瑞信則預期賭收要回升將需要一段時間,消費者信心需時修復,同時防疫限制預期將繼續行業表現,預期8月至9月賭收數據將繼續拖累濠賭股股價表現。
瑞信繼續看好喜歡銀娛強大的資產負債表及未來新項目,認為有助於支持其長期增長,給予「跑贏大市」評級,目標價49元。
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