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《大行報告》大摩:金沙中國(01928.HK)上季經調整物業EBITDA遜市場預期 受贏率較低所影響
阿思達克 01-25 11:21
摩根士丹利發表報告表示,金沙中國(01928.HK)公佈按美國會計準則2023年第四季經調整物業EBITDA爲6.54億美元,按季升4%(相當於2019年第四季的81%),此低於市場同業原預期6.89億美元,主受贏率較低所影響。公司上季hold-adjusted EBITDA錄6.94億美元按季升13%(相當於2019年第四季的88%)符合預期。 該行指,金沙中國去年第四季中場市場份額按季流失,但幅度少於預期,中場及角子機相關收入按季升9%(相當2019年第四季的97%),低端中場(grind mass)按季升7%增長較優越中場(按季升13%)爲慢,主要是澳門巴黎人受到澳門新濠影匯的競爭影響,但該行認爲此並非市場趨勢。 該行維持金沙中國「與大市同步」評級及目標價24港元。
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