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《大行》瑞銀:銀娛(00027.HK)中期股息勝預期帶來驚喜 評級「買入」
瑞銀髮表研究報告指,銀娛(00027.HK)第二季經調整EBITDA按年增長12%至36億元,若調整貴賓廳贏率因素,EBITDA則按季增長約7%至32億港元,雖然市場份額有所提升,但受再投資率上升影響,期內EBITDA利潤率(撇除建築業務)按季下跌10個基點至29.6%。中場博彩收入按季增長約7%,跑贏行業約增長4%的水平。貴賓廳投注額按季升約20%,主要受到5月初嘉佩樂酒店試業的帶動。 期內銀娛每日營運開支按季增長2%,再投資率上升120個基點,瑞銀認爲反映出第二季演唱會及酒店開業相關推廣活動增加。銀娛宣派中期股息每股0.7元,高於市場預期,派息比率達約58%,對比市場預期爲50%,瑞銀認爲屬正面驚喜,給予「買入」評級,目標價43.9元。
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