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《大行報告》富瑞:銀娛(00027.HK)派息屬驚喜 目標價上調至64元
阿思達克 08-18 10:19
富瑞發表報告指出,銀河娛樂(00027.HK)第二季經調整EBITDA按季增長30%至25億元,達2019年次季水平的59%,略高於市場預期的23億元;EBITDA利潤率改善至28.6%,接近2019年次季32.9%峯值。撇除澳門百老匯,所有物業的盈利於期內亦有所改善。 該行認爲,由於預料銀娛將於下半年纔會派發特別息,因此公司於中期業績宣派每股特別息20仙令人驚喜,相當於30%派息比率,意味着公司對前景展望正面。另外,該行指公司第三季開局強勁,日均投注額及贏率均高過2019年水平,而銀娛管理層亦指第三季至今的日均投注額、贏率及盈利均高過第二季水平。 此外,該行指銀娛仍然是行業首選,因其產品具吸引力,特別是由於第三期項目開業帶來正面影響,有望加強客流量及增加淨現金。該行認爲,8月份以來的賭收持續改善,與銀娛管理層對第三季的預測一致,該行對銀娛的目標價由60元上調至64元,維持「買入」評級。
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