《大行報告》星展升金沙中國(01928.HK)目標價至43元 評級「買入」
星展發表報告指,金沙中國(01928.HK)仍為濠賭股領先者,受益於其在澳門中場業務的27%市佔率,公司的EBITDA率亦為同業最高之一。公司在倫敦人項目投資12億美元,加上喜來登酒店、港麗酒店及Pacifica賭廳2025年初完成翻新,將提升顧客體驗及強化對高端中場客戶吸引力。公司擁有澳門近半五星級酒店,並在零售與會展設備領先同業,故應會繼續槓桿其地位,並於中期跑贏同業。
該行又指,新春期間訪問澳門內地遊客數量已超越2019年疫前水平,平均酒店入住率達95%遠勝預期,強勁旅遊動力應進一步推升澳門中場收益,金沙中國將繼續作為主要受惠者。
該行基於金沙中國債務水平較預測低14%,在調整淨負債預測後,上調對金沙中國目標價,由37.92元升至43元,維持企業價值率15倍目標,投資評級為「買入」。
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