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一文了解大行於金沙中國(01928.HK)公布季績後最新評級、目標價及觀點
金沙中國(01928.HK)今日股價偏軟,最新報15元下滑近2%。富瑞指出,金沙中國第三季EBITDA虧損大致符合市場預期,澳門旅遊業重啟仍視乎內地新冠防疫政策。管埋層預期積累高端中場需求將推動復甦,但時間仍不確定,因內地防疫繼續影響境外遊。該行對澳門旅遊業最終從維持樂觀看法,但時間性仍未清晰。該行下調對金沙中國目標價至18.5元,反映未來復甦情況,維持「買入」投資評級。 金沙中國控股股東Las Vegas Sands Corp.公布第三季業績,按其美國公認會計原則,季內金沙中國淨收益按年跌59%至2.51億美元。淨虧損擴大至4.72億美元,去年同期虧損4.23億美元。經調整物業EBITDA虧損1.52億美元,去年同期經調整物業EBITDA為3,200萬美元。 拉斯維加斯金沙主席兼行政總裁Robert Glen Goldstein表示,澳門經營環境仍困難重重。在限制放寬期間,澳門客戶需求及消費在高端及中場水平上表現穩健。集團對澳門旅遊業復甦及其長期增長前景充滿信心。 【季績優於預期 但前景未明朗】 摩根大通認為,金沙中國第三季EBITDA虧損較市場原預期為少,但業績可解讀性有限,基於旅遊限制及疲弱旅遊情。該行認為不用理會第三季業績,因市場仍注視博彩專營權更新及內地對澳門遊簽證放寬後的復甦情況。該行續給予金沙中國「增持」評級,有信心專營權更新過程順利,且明年需求將逐步恢復,亦認為基於金沙中國資產及管理,目前估值相等於正常化EBITDA的8倍,對比歷史中周期的15倍甚為便宜。該行給予金沙中國的目標價為24元。 匯豐環球研究表示,預期澳門博彩數據短期仍然疲弱,估計明顯復甦將在明年第二季後才出現。該行認為,金沙中國的酒店資產及在路(乙水)城的布局,尤其四季酒店更近翻新並提升高端中場服務,令公司從中場需求回歸中受益處有利地位。母公司強勁現金水平可在具挑戰性經營環境持續情況長於預期下,為公司提供支援。該行對金沙中國盈利預測大致維持不變,並給予目標價23元及「買入」評級。該行預期短期股價表現將受制於市場情緒及旅遊重啟時間預期。 -------------------------------------------------------- 本網最新綜合9間券商對其投資評級及目標價: 券商│投資評級│目標價(港元) 花旗│買入│26元 大和│買入│25.1元 里昂│買入│24.7元 摩根大通│增持│24元 瑞銀│買入│23.7元 匯豐環球研究│買入│23元 摩根士丹利│增持│22元 富瑞│買入│20.2元->18.5元 瑞信│跑贏大市│18.5元 券商│觀點 花旗│季績勝預期,EBITDA率顯示管理層有效減少現金消耗 大和│季績勝預期,但不期望對股價有影響 里昂│季度EBITDA虧損少於預期 摩根大通│對行業需求可於明年復甦 瑞銀│季績勝預期 匯豐環球研究│短期逐步復甦 摩根士丹利│季度EBITDA虧損勝預期,縱使零售表現較弱 富瑞│季績無驚喜,復甦時間存不確定性 瑞信│季績略勝預期,受惠成本節省
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