《大行報告》美銀證券恢復銀娛(00027.HK)「買入」評級 長期增長前景勝同業
美銀證券發表報告,恢復銀河娛樂(00027.HK)「買入」評級,目標價56元,認同其長期增長前景,因為公司的項目擴充具能見度,以往新項目落成後,亦能夠取得博彩市場份額。此外,公司處於淨現金狀態,各項因素令公司有別於其他同業。雖然現價較同業出現溢價,但相信適當反映增長前景。
報告指,在銀娛的500億元投資計劃下,公司在六個營運商中的酒店房間市佔率,將會提升6個百分點,至2027年增至23%,帶動博彩毛收入的市場份額提升,至2025年升至19.3%,並估計公司有機會增加衛星賭場的賭檯數目,預期2023至2026年EBITDA複合年增長率18%,現金每股盈利複合年增長率19%。若果500億元投資計劃能夠帶來5至8%回報,EBITDA將提升25至35%。(cy/k)
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