一文綜合券商於金沙中國(01928.HK)公布季績後最新目標價及觀點
阿思達克 10-19 12:11
金沙中國(01928.HK)今日股價逆市造好，半日股價上揚近2.2%收21.15元。摩根士丹利報告指，金沙中國今年第三季經調整EBITDA錄6.16億美元為2019年第三季的81%，大致符合市場預期。其中中場及角子機收入按季升10%，回復至疫前91%。該行估計金沙中國的中場市佔率為28.2%，較第二季升0.3個百分點，但較疫前跌0.7個百分點。季內回贈及補償按季升12%，至疫前87%水平，高於該行預期，佔中場賭桌毛博彩收益20.9%。該行維持金沙中國「與大市同步」評級及目標價26元。
控股股東拉斯維加斯金沙(LVS.US)在開市前公布第三季業績，據美國公認會計原則，季內金沙中國淨收益總額按年增長6.1倍至17.8億美元；淨收入為2.31億美元，去年同期則為虧損4.72億美元。經調整物業EBITDA為6.31億美元，去年同期虧損1.52億美元。季內澳門業務EBITDA利潤率為35.3%，較第二季增長210點子。隨著收益持續增長，集團預期利潤率將超過2019年澳門業務36%的利潤率。拉斯維加斯金沙主席兼行政總裁Robert G. Goldstein表示，相信竣工後澳門倫敦人將達到或超過澳門威尼斯人的盈利能力。集團於澳門零售業務已遠超疫前數字。
【富瑞：博彩毛收料反彈至夏季水平】
富瑞引述金沙中國管理層指，對澳門仍然樂觀，博彩收益復甦將快於市場預期，並指澳門仍處復甦初期，並將在2024年持續。公司稱，金沙在新加坡業務在內地與新加坡航班未完全恢復下，第三季經調整EBITDA達4.57億美元，已為2019年同季的115%，經調整EBITDA率已升至48.4%。公司亦指，高端中場業務首先復甦，但基本中場在季內亦有回復跡象。惟航班仍為問題。上月內地與港澳航班僅回復至疫前84%及74%。該行指，縱使十一黃金周後傳統上較淡靜，但業界消息估計博彩毛收會繼續反彈至與夏季相若水平，部分受威尼斯人周末娛樂活動推動。
里昂指，金沙中國經調整物業EBITDA為2019年第三季的84%，較市場及該行預期高1至2個百分點，季績在贏率調整後亦符合預期。該行引述管理層指出，縱使倫敦人第二期2025年上半年竣工，大部分資本開支將於2024年入賬。管理層亦相若演唱會等娛樂活動可推動高端中場。該行目前予金沙中國「買入」評級，目標價36.5元。
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本網最新綜合4間券商對其投資評級及目標價：
下表列出4間券商對其評級及目標價：
券商│投資評級│目標價
富瑞│買入│41元
里昂│買入│36.5元
瑞銀│買入│33.1元
大摩│與大市同步│26元
券商│觀點
富瑞│EBITDA率仍未見頂
里昂│業績經贏率調整後符預期
瑞銀│季度EBITDA符預期，中場博彩毛收回復疫前91%
大摩│季度EBITDA符預期，中場市佔表現勝預期
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