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《大行報告》花旗下調永利澳門(01128.HK)目標價至9.65元 季績遜預期
花旗發表報告指,永利澳門(01128.HK)第三季度EBITDA差過市場預期,主要因為澳門半島項目中場贏率(hold rate)較低,而所有項目的零售收入均遜預期,雖然管理層指,10月份中場贏率已回復正常,但該行維持保守態度,估計澳門半島項目中場贏率,由之前的20.5%跌至約19%,將其目標價由10.3元下調至9.65元,維持「買入」評級,主要反映市場第四季表現強勁。該行認為,永利現價相當於明年預測企業價值(EV/EBITDA)8.1倍,較歷史平均低2個標準差,反映估值吸引。 報告指,永利管理層提到,10月份永利皇宮的正常化日均EBITDA已超出2019年同期,但永利澳門的市佔率較2019年同期為低,EBITDA亦未有超出2019年同期水平。
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