《大行報告》高盛:永利澳門(01128.HK)次季業績符預期 評級「中性」
高盛發表研究報告指出,正如早前預期,永利澳門(01128.HK)今年第二季較同業實現強勁的EBITDA按季增長,公司次季業績符預期,物業EBITDA按季增長58%至2.46億美元,基於貴賓贏率提升至4.2%,帶來2,000萬美元影響,儘管被中場市佔率下降至19.1%(相對於疫情前為22%)所抵銷。就業績而言,該行將永利澳門2023至2025年的EBITDA下調0%至2%,目標價維持9.9元不變。
該行預期,隨著近幾周澳門旅行團和大眾旅遊開始復甦,加上夏季季節性因素,以及銀娛(00027.HK)推出第三期項目(如8月推出銀河萊佛士酒店,9月推出澳門安達仕酒店),估計未來幾個月的博彩市場份額,將由永利及美高梅中國(02282.HK),轉移至金沙中國(01928.HK)與銀娛的趨勢更為明顯。
此外,高盛認為未來6至12個月內,銀娛及金沙的股價將有更大的上升空間,因預期相關公司的博彩市場份額將超過疫情前水平,該行維持對永利「中性」評級。
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