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《大行報告》高盛微降銀娛(00027.HK)目標價至65.7元 評級「買入」
高盛發表研究報告,指銀娛(00027.HK)去年末季業績大致符合該行及市場預期,在澳門逾90%的旅客量及賭收復甦的支持下,集團的EBITDA虧損按季收窄至1.63億元,與其他賭場營運商的情況一樣。鑑於旅客回升以及為提前重新開放做準備,集團的每日營運支出略高,為230萬美元。扣除20萬美元的利息收入,其每日現金消耗僅為210萬美元,遠低於其他類似規模的營運商。 該行表示,考慮到博彩及旅遊需求自1月第三周以來才開始以更顯著的方式回歸,因此集團季度至今的中場賭收或僅恢復到疫情前的70%;由於非博彩員工短缺,其酒店客房和非博彩設施並未滿荷營運,該行認為,其EBITDA恢復速度可觀,引證只要銀娛的中場或非博彩業務正常化,即使沒有任何貴賓廳中介,公司亦有能力完全恢復或超過2019財年的EBITDA水平,即165億元。 考慮集團業績,該行將銀娛2023至24財年的EBITDA預測各下調1%,目標價由65.9元微降至65.7元,評級為「買入」。板塊中,該行看好金沙中國(01928.HK)和銀娛。
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