《大行報告》摩通:銀娛(00027.HK)去年派息高預期 但關注市場份額流失
摩根大通發表報告表示,銀河娛樂(00027.HK)去年第四季EBITDA符合預期,但業績細節屬好壞參半,其中市場份額令人失望,但每股派息則優於預期(2023財年每股共派特別息0.5港元,高於該行原預期0.4港元),但目前焦點是均集中於銀娛管理層在今日下午5時半舉行的分析員會議上的最新評論。
該行指銀娛業績正面因素包括股息略高於預期,公司仍然是唯一一家從2023財年獲利中支付股息的澳門博彩營運商。公司今天宣布2023年下半年每股派特別息為0.3港元,加上2023年上半年派特別息0.2港元,意味著派息率為32%,比歷史上30%的派息比率高出2個百分點。
就市佔率流失方面,集團上季整體博彩收入增長6%(而該產業成長率為11%),其市佔率跌至18%以下(17.7%,對比第三季為18.5%)。儘管對此已有所預期,但這仍然令人印象深刻,銀河項目第三期酒店項目雖已於去年第三季開幕,但新項目擴張通常需要6至8個季度,因此該行將耐心地關注公司未來擴張的步伐,這亦將是今日稍後時間分析員會議上的重點。該行維持銀娛「增持」評級及目標價54元。
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