《大行》中金:銀河娛樂(00027.HK)嘉佩樂酒店表現勝預期 目標價升至44.8元
中金研究報告指出,銀河娛樂(00027.HK)第二季淨收入達120.44億元,按年增長10%。經調整EBITDA為35.69億元,按年增長12%,恢復至2019年次季的82%水平,並與市場預期的35.4億元基本一致。公司業績超預期主要得益於嘉佩樂酒店開業放量,帶動市場份額提升;娛樂活動驅動物業到訪人數;得益於成本控制,公司日均營運成本穩定。
中金表示,銀河娛樂管理層業績電話會議中提及,中期股息為每股0.7元,對應約60%的派息率,並將繼續維持當前的派息率;管理層又預計2025年資本開支為70億元,今年上半年資本開支為30億元,預計儘管嘉佩樂酒店開業,但公司日均營運成本將維持在今年首季相同水平;由於大多數衛星娛樂場將於今年底關閉,管理層預計星際酒店有望受惠於衛星娛樂場的留存需求。
鑑於嘉佩樂表現優於預期,中金將銀河娛樂今明兩年的經調整EBITDA預測上調5%和3%,至145.24億和153.3億元。另維持對其「跑贏行業」評級,並基於盈利預測上調目標價6%至44.8元。
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