《大行報告》美銀證券上調永利澳門(01128.HK)目標價至11.6元 評級「中性」
美銀證券發表研究報告指,永利澳門(01128.HK)去年第四季經調整物業EBITDA虧損達5,910萬美元,超出該行預期的虧損4,300萬及市場預測虧損5,000萬美元,主要是由於貴賓廳贏率低於預期。期內淨收入按年跌至1.9億美元,市場份額繼續維持在約12.8%。
該行指出,永利管理層預測今個農曆新年假期中場及直營貴賓廳可恢復至2019年同期約95%及140%水平,酒店入住率達96%,零售銷售則較2019年同期增長34%,期內每日正常化EBITDA為約400萬美元,是疫情以來最高水平。
第四季每日營運支出降至200萬美元,美銀指出,管理層有計劃將部分中介貴賓廳轉為直營或改為接待高端中埸客戶,但未有透露相關佔比。談及利潤率恢復情況,美銀引述管理層指,將取決於到訪人流恢復情況,由於中場佔比提升,認為利潤率有上行空間。
由於中場業務恢復得較預期快,美銀將永利澳門今明兩年EBITDA預測上調34%及4%,目標價從10.6港元上調至11.6港元,但提醒投資者,永利今明兩年沒有新酒店客房供應,可能面臨市場份額下降的風險,重申「中性」評級。
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