《大行報告》美銀證券上調銀娛(00027.HK)目標價至67元 評級「買入」
美銀證券發表報告,指銀娛(00027.HK)受惠於年初至今穩固需求復甦,銀河國際會議中心(GICC)將於今年4月開幕,屆時將舉辦首場MICE活動,隨後將在銀河競技場舉行世界級的音樂會和世界巡演;擁有450間套房的萊佛士酒店大樓將於今年第二季初開業;澳門安達仕酒店的開業將視乎市場情況而定。集團需要為路(乙水)第3期額外招聘700名員工,其中大部分是非博彩員工。該行認為,這些行動反映了管理層對復甦的積極看法。
另一方面,集團的農曆新年期間的中場博彩收入全面恢復至2019年水平;零售額在1月創下歷史新高,這個趨勢亦一直持續到2月。季度至今的EBITDA盈利超過10億元,意味著季度收益率(Run Rate)接近20億元,相當於2019年第四季中40億元EBITDA的50%。如考慮到較低的成本基礎,估計集團年初至今的中場復甦約60%,低於行業水平的80%。該行考慮到集團的規模較大且在疫情前對貴賓廳的敞口相對較高,相信其EBITDA恢復速度較慢屬正常。
該行指,由於中場收入增加,銀娛2022年第四季錄LBITDA虧損1.63億元,仍勝該行預期的2.54億元虧損,重申其「買入」評級,將2023及24財年的EBITDA預測分別上調9%和1%,以反映路(乙水)第3期早於預期開業,目標價上調1%,由66元升至67元。
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