大行評級|麥格理:下調永利澳門目標價至9.4港元 評級“跑贏大市”
麥格理的研究報吿指,永利澳門整體的賭收按年升17%,但按季跌12%,而澳門的賭收按年升24%,按季跌2%。公司經調整EBITDAR受貴賓廳及中場勝率影響以及佣金按季上升而低過市場預期。該行指,永利澳門7月的賭收市佔率由次季水平反彈,認為公司在高檔中場業務投入更多資源,將目標價降5%至9.4港元,評級“跑贏大市”。因為較低的賭收預測,加上較低的經調整EBITDA毛利,麥格理下調對永利澳門2024年至2026年的經調整物業EBITDA分別3.2%、3.4%及3.7%。
該行指,公司的日均經營開支按季跌3%至250萬美元,證明公司嚴謹的成本控制。不過經調整物業EBITDA按年升13.9%至22億元,分別低過市場及該行預期7%及6%,主要受到物業收入及EBITDAR毛利下跌影響。該行認為,公司物業毛利是因為貴賓廳及中場勝率按年及按季均下跌、佣金佔賭收的百分比按季輕微上升0.7個百分點,以及旅客人數下跌對半島區的影響較路凼金光大道區為大。
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