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研報掘金|華泰證券:予金沙中國“買入”評級 首季收入恢復不及行業

華泰證券發表報吿,金沙中國今年首季收入恢復不及行業,該行將對公司2024年至2026年的博彩毛利分別下降至547億港元、634億港元及746億港元,相當於2019年的82%、95%及111%;經調整利息、税項、折舊及攤銷前盈利(EBITDA)為206億港元、241億港元及293億港元;EBITDA利潤率為34%、34.8%及36.6%。該行對公司的目標價為28.5港元,予“買入”評級。

報吿指,金光綜藝館關閉裝修自2024年1月開始關閉裝潢,加上喜來登房間分階段翻新,使農曆新年旺季業績受損。倫敦人綜藝館只可容納6,000人,其容量較金光綜藝館的1.5萬人少。LVS指引金光綜藝館在今年11月重新開放,而喜來登翻新將在今年年底完成,屆時金沙中國接待能力有望提升,但翻新期間業績或有擾動。

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