《大行報告》富瑞:銀娛(00027.HK)財務狀況強勁助提高派息 行業首選
富瑞發表報告指,銀河娛樂(00027.HK)管理層對澳門前景樂觀,第三季盈利持續改善,澳門銀河第三期有望推動未來盈利重返至2019年水平。管理層提到,現時顧客組合改變,中場的年輕人、女性、非廣東藉、以及家庭顧客增加。國慶黃金周表現正面,料將較農曆新年及五一黃金周更好;另酒店及餐飲等娛樂設施將會是明年增長動力。
該行認為銀娛財務狀況強勁,持有淨現金120億元,員工數目少過2019年水平、但薪金成本通脹,員工成本約佔營運支出約80%。公司以往派息比率約30%,在淨現金狀況、資本開支較少、正數自由現金流下,相信中長期有望提高派息,維持是行業首選,評級「買入」,目標價64元。
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