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《大行報告》匯豐研究升金沙中國(01928.HK)目標價至33元 估值吸引評級「買入」
阿思達克 01-30 10:04
匯豐研究發表報告指,金沙中國(01928.HK)去年第四季業績與該行預測基本一致。該行指,集團的高端中場增長超出預期,但利潤率略遜,將其今明兩年的收入和EBITDA預測上調各2%,對其今年達成收入進一步復甦的能力持更具建設性態度。另外,管理層確認,基於盈利復甦勢頭和持續去槓桿化,公司可能會在明年恢復派息。表述符合市場預期。該行將集團目標價由32.5元上調至33元,維持「買入」評級,認為其估值頗具吸引力。 該行表示,隨著訪澳旅客量持續恢復,金沙中國管理階層認為基數有良好動能,相信旅客有強烈的出行意願。另外,集團耗資12億美元的倫敦人第二期工程已經啟動,預計將於明年首季完工。集團預計隨著博彩樓層開始翻修,今年下半年的業務表示將出現更大程度的干擾,但考慮到喜來登大樓歷來的收益率低於其他物業,相信這應有助於緩解影響。公司預計,一旦第二階段完成,倫敦人將達到或超過威尼斯人的盈利能力,利潤率可望進一步改善。
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