《大行》高盛升銀娛(00027.HK)目標價至50.1元 次季業績符合預期
高盛研究報告指,該行早前預測銀河娛樂(00027.HK)將錄得最強勁的季度EBITDA增長,受惠於嘉佩樂酒店開幕及多場巨星演唱會。事實上,集團日前公布中期業績,次季經調整EBITDA達36億元,按季升8%,符合該行預期,主要受惠於VIP淨贏率提升。若剔除該因素及建材業務貢獻增加,博彩業務EBITDA按季升5%至29億元。該行料EBITDA利潤率維持約28.1%,博彩量增長部分被日均營運開支上升抵消。而集團次季博彩總收入(GGR)市場份額則按季升0.7個百分點至20.5%。
另外,中期息按年增40%至每股0.7元,派息比率達58%,高於去年全年的50%及過往的30%,亦高於部分同行的40%至50%派息比率。該行認為此舉再次反映管理層對澳門前景、集團長期展望及強勁自由現金流的信心。管理層亦指引未來派息可持續,如以60%派息率推算,該行料全年股息可達1.58元,按現價計股息率達3.9%。
據業績表現,該行微調2025至27年EBITDA預測0%至1%,目標價由49.6元上調至50.1元,重申其為行業首選,維持「買入」評級。
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