大行評級|高盛:下調銀河娛樂目標價至47.6港元 重申“買入”評級
高盛發表研究報告指,銀河娛樂今年首季經調整EBITDA錄得33億港元,略高於預期,受惠於貴賓廳淨贏率由去年第四季的3%,升至今年首季的4.3%。至於五一黃金週,集團表示其博彩總收入增長優於同行的12%,基於高端中場穩健的博彩投注額及貴賓廳較高的淨贏率。該行料黃金週期間,集團博彩總收入市場份額可能高於20%,相比起去年同期爲約20%。
今年首季,因有頻繁的音樂會及活動,集團訪客量按年增長超過64%,而黃金週期間客流量更有雙倍按年增長,相比行業增長爲41%。購物中心的零售銷售亦由過去幾個月的負增長,轉爲按年增長雙位數。根據首季表現,該行將集團2025至27年EBITDA預測下調3%至上調1%,目標價由48.1港元降至47.6港元,重申“買入”評級。
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