《大行》麥格理升銀娛(00027.HK)目標價至55.6元 維持「跑贏大市」評級
麥格理發表研究報告指,銀娛(00027.HK)次季淨收入按年升10%,按季增8%;賭收按年升16%,按季增10%,較該行預測低1%;經調整EBITDA按年升12%,按季增8%,較該行預測高出2%。
報告指出,銀娛宣派中期息為0.7元,派息率為58%,較去年同期的50%有所上升,且勝於市場預期。該行相信,由於集團擁有強大的自由現金流和淨現金積累能力,其在財務上有能力維持這個派息比率,預計集團今年的派息率為60%,意味著現金股息收益率為3.5%。
由於非賭博業務收入預期較低,該行將銀娛2025及26年的經調整EBITDA預測分別下調0.1%和0.5%,但將2027年的預測上調0.6%。該行又將集團目標價上調4%,由53.6元升至55.6元,並維持「跑贏大市」評級。
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