研報掘金|華泰證券:下調金沙中國目標價至19.5港元 重申“買入”評級
華泰證劵的研究報吿指,按金沙中國次季業績及公司對翻新項目工期預期,調整了金沙中國今明兩年的盈利預測。該行維持公司今明兩年的VIP業務毛收入復甦與老虎機業務毛收入復甦水平,並將中場業務毛收入復甦水平從100%及113%下調至97%及106%,主因為公司次季中場業務收入按年較低,加上2024年金光綜藝館停用後金沙非博彩業務承接能力下降,原先規模大、多樣化優勢下滑,吸客能力降低,同時因喜來登房間數不足及施工噪音,或導致金沙留客能力降低。
另外,該行亦將今明兩年的EBITDA利潤率預測下調至32.8%及33.2%,主要是翻新計劃帶來額外開支拉低利潤率,以及2025年翻新完成後接待能力提升,加上金沙的非博彩業務帶來的EBITDA利潤率較2024年改善。華泰證劵重申金沙中國“買入”評級,目標價由28.5港元下調至19.5港元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.