《大行》大摩:銀娛(00027.HK)中期每股派息超預期 調整後EBITDA遜
摩根士丹利表示,銀娛(00027.HK)每股中期股息0.7港元,按年增40%,優於該行預期的0.6港元。股息收益率3.5%,不如派息比率59%吸引,而之前為50%。次季經調整後企業EBITDA為31.62億港元,按年減1%,按季增7%,為2019年次季的79%,低於該行及市場預期。
大摩指出,銀娛業績報告企業EBITDA為35.69億港元,按季增8%,按年增12%,為2019年次季的82%,受惠於貴賓廳贏率4.4%的提升。撇除城市俱樂部外,中場博彩收入按季增7%,為2019年次季的130%,市場份額季增20個基點至19%。由於業務組合偏向貴賓廳及營運費用增加,EBITDA利潤率疲弱。中場再投資率季增150個基點至19.8%。
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