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《大行報告》高盛上調金沙中國(01928.HK)目標價至37元 首季業績勝預期
高盛發表研究報告指,旅遊限制放寬後澳門遊客和博彩收入復甦,因此金沙中國(01928.HK)及大多數博彩營運商今年首季EBITDA出現好轉是可預期之內,金沙中國首季EBITDA達3.98億美元,對比去年第四季為虧損5,100萬美元,整體業績水平超出預期,主要來自於收入組合調整下的利潤率回升。 該行指出,雖然收入僅恢復至疫情前約55%水平,但期內金沙中國的收入重心轉向至利潤率更高的中場市場及非博彩業務,加上成本節約措施持續推進,支持EBITDA利潤率回升,現時與2019年同期水平相差不足6個百分點。 展望未來,管理層預計酒店客房容量將正常化,同時憧憬當地交通基礎設施將推動進一步提升旅客量及賭收復甦。高盛估計金沙中國每日營運成本為約430萬美元,將2023至2025財年EBITDA預測調整0%至6%目標價上調至37元,重申「買入」評級。
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