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《大行報告》美銀證券下調銀娛(00027.HK)目標價至58元 評級「買入」
阿思達克 11-14 10:05
美銀證券發表評級報告指,銀娛(00027.HK)第三季經調整EBITDA爲5.81億元虧損,勝於該行預測的7.45億元虧損、及市場預測的6.99億元虧損,主要是總收入表現優於預期及成本低於預期;淨收入按年跌52%、按季跌16%至20億元,VIP總博彩收入按年跌95%及按季跌63%至5,600萬元,中場收入按年跌65%、按季跌32%至7.98億元。公司市場份額則由今年次季的17.1%跌至第三季的16.7%。 該行表示,將銀娛明年及2024年EBITDA預測分別下調69%及27%,主要是總博彩收入恢復速度延遲,其目標估值仍維持15倍不變,並將其目標價由60元下降3%至58元,重申其評級爲「買入」。該行指銀娛有強大的資產負債表,可以幫助其駕馭市場的不確定性。公司還有正在進行中的銀河第3和第4期發展,這將在長期內推動市場份額的增長。
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