《大行報告》美銀證券上調銀娛(00027.HK)目標價至66元 評級「買入」
美銀證券發表研究報告指,銀娛(00027.HK)較同行來說有最好的長期增長前景,主要是受到澳門銀河第三及第四期開業所帶動,該行預計,集團將首先推出擁有450間客房的澳門銀河萊佛士,隨後推出銀河國際會議中心(GICC)和澳門安達仕酒店。根據其在2021年第一季度簽訂的銀河路(乙水)四期合同,預計建設將持續約三年。因此,該行預計第四期將在明年上半年完工,並可能在同年下半年推出市場。該行預計,集團2022年第四季的收入為31.9億元,按年減少39%,EBITDA為負2.54億元。
該行表示,自去年11月澳門板塊反彈以來,集團在同行中表現最差,其他五間營運商有出色表現,是由於中國重新開放和完成牌照更新後資產負債表問題和牌照更新風險的減少。集團的澳門銀河第三期即將開業,為其帶來更高的可見性,成為公司近期的催化劑。該行將集團今年EBITDA預測上調20%,以反映中場總收入復甦快於預期,目標價由62元上調至66元,重申「買入」評級。
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