富瑞:予銀娛(0027.HK)目標價50港元 評級“持有”
富瑞發表研究報告指,銀河娛樂(0027.HK)在10月份的EBITDA恢復正增長後,管理層預期將實現逐步且可持續的復甦。受到新疫苗消息的推動,與香港相關的澳門企業股價昨日反彈4%至10%,但該行認為,主要的收入和股價推推動因素,將是內地旅遊簽證申請程序進一步簡化。富瑞予銀娛目標價50港元,重申“持有”評級。
富瑞表示,上星期是自第一季以來表現最好的非假期周,貴賓廳和中場客流量均有增長。非廣東省旅客的表現仍然健康,這些人會停留更長時間,亦有更多消費。銀娛管理層亦指出,零售業務表現強勁,有15%至20%的按年增長。
該行又指,儘管集團的博彩總收入(GGR)按年下跌逾90%,但中場表現已按季有強勁反彈。行業股價日前受疫苗消息推動,或會令非內地遊客數字上升,但主要的復甦動力仍然是內地訪客,認為恢復內地自由行的電子申請將是更大的催化劑。
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