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《大行報告》大華繼顯降銀娛(00027.HK)目標價至57元 上調明年營運支出預測
阿思達克 11-10 14:38
大華繼顯發表報告,指出銀河娛樂(00027.HK)第三季經調整EBITDA按季增長12%至27.68億元,相當於2019年同期的67%,並較該行及市場預期低3%。淨贏率正常化後,經調整EBITDA錄28.9億元,較該行及市場預期高出1%。 該行認為,銀娛季內博彩收益達87.46億元,按季增長14%,相當於2019年同期的61%,跑贏行業,主要受惠於公司推出新項目及舉辦多場演唱會。公司市場份額有所擴大,且中場博彩收益較2019年水平超過10%至20%。 此外,該行估計銀娛為滿足第四季不斷增長的需求,將承擔更高的營運開支,並重新分配賭檯至澳門銀河。該行上調其明年營運支出預測,將公司2024及2025年的EBITDA預測下調分別8%及7%,但對今年盈利預測保持不變,看好銀娛高端中場定位及淨現金狀況強勁,料其非博彩設施將於未來幾季吸引遊客,維持對公司「買入」評級,目標價由60.5元降至57元。
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