《大行報告》大和下調銀娛(00027.HK)目標價至55元 評級「買入」
大和發表評級報告指,由於成本控制優於預期,銀娛(00027.HK)次季經調整後EBITDA錄得3.84億元虧損,優於該行預測的4.91億元虧損及市場預測的5.09億元。
該行表示,銀娛第三、四期項目工程會為公司帶來優勢,公司現正準備特許權招標文件,管理層亦表示,其吸引外國遊客的策略會集中於MICE(聚會、獎勵旅遊、大型會議及展覽)活動。第三階段包括銀河國際會議中心(GICC)、用於舉辦大型活動且提供1.6萬個座位的銀河競技場,以及增加其他國際知名酒店品牌如安達仕(Andaz)、萊佛士(Raffles)等擴闊其投資組合。
該行預料,第四期工程不但可為公司提供額外的酒店房間,亦可靈活地採用其非博彩類產品,更好地迎合國際客戶需求。該行將公司今年預測下調至22.3億元淨虧損,並將其明年盈利預測下調至108億元,同時將其目標價由57元降至55元,重申其評級為「買入」。(ca/k)
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