《大行》高盛微升金沙中國(01928.HK)目標至21.6元 料未來派息有上行空間
高盛研究報告指,金沙中國(01928.HK)宣派中期每股0.25元,與去年末期股息持平,但派息率提高至63%。雖然與銀娛(00027.HK)提高派息相比,金沙的股息或令部分投資者略感失望,但該行認爲此舉符合預期,因近期集團的博彩收入市場份額波動,反映業務面臨較大壓力,需要增加促銷活動以應對競爭。
另外,金沙中國管理層早前指短期目標是提升博彩量,令EBITDA接近26億至27億美元水平,該行料有關目標需到2026年才能達成。同時,與其他以派息比率爲基準的博企不同,集團傾向維持相同股息金額,並在不同市場週期中保持穩定,例如2014至15年反貪期間仍維持全年1.99元派息。
基於業務復甦與市場份額恢復進度,該行現料2025年末期息維持0.25元,全年合計爲0.5元;假設2026年股息逐步提升至0.8元,2027年可達1元。高盛將金沙中國目標價由21.5元微升至21.6元,維持「買入」評級。
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