大行評級|里昂:維持銀娛目標價53.3港元 評級“買入”
里昂發表研究報吿指,銀娛2024財年首季經調整“幸運因素”(Luck-adjusted)EBITDA按季下跌5%,比市場預期低2%。主要受累於公司建築部門的季節性疲弱,以及旗下博彩廳於1月至2月初重新配置的影響。
該行亦指,銀娛的市佔率出現逐步改善的初步跡象。公司於4月及5月市佔率,分別高於過去三個月及六個月的平均17.3%及17.5%。如果相關市場份額擴張持續,將可能引發對銀娛股份的重新評級。不過銀娛現正部署智慧籌碼,或會影響公司進一步升級旗下澳門星際酒店的可能性,並暫時侵蝕其市場份額。
另外,考慮到澳門銀河第四期計劃投資約200億港元,並有可能投資泰國賭場綜合渡假村。該行認為,縱使銀河擁有雄厚的財務儲備,不過於未來三年也不太可能大幅提高股息。該行預測,銀河2024及2025財年的年度股息,將分別為0.684港元及0.898港元;收益率則分別為1.8%及2.4%。
綜合上述因素,里昂維持銀娛目標價53.3港元,評級“買入”不變。
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