《業績前瞻》券商料銀娛(00027.HK)去年虧損逾47億元 料上季經調整EBITDA轉正數
受新冠疫情大流行拖累下，各地區採取嚴格防疫措施，澳門去年博彩收入按年倒退79.3%至604.41億澳門元，銀河娛樂(00027.HK)將於下周四(25日)公布去年業績。本網綜合7間券商預期銀娛2020年業績將錄得盈轉虧蝕41.68億元至62.64億元，中位數為虧損47.33億元，對比2019年錄純利130.42億元。
本網綜合6間券商預期銀娛2020年經調整EBITDA為負9.53億元至19.53億元，中位數負11.21億元。本網綜合6間券商預期銀娛2020年淨收益介乎120.79億元至151.86億元，按年跌70.7%至76.7%，中位數為129.75億元，按年跌75%。
因澳門已復批自由行簽證，賭收持續溫和復甦，券商普遍料銀娛去年第四季EBITDA已回復正數，但內地疫情早前反覆，內地部門呼籲原地過年減少出行，令澳門客量淡靜且稍遜預期，投資者觀望疫苗與疫情發展，等待澳門將向內地爭取恢復網上簽註及團隊遊，期待銀娛管理層最新營運、澳門銀河第三期工程完工等指引。
【受疫情拖累 去年盈轉虧】
高盛上月發表研究報告表示，自澳門復批自由行簽證，賭收持續溫和復甦，跌幅由8月及9月的95%及90%，收窄至12月66%，累計去年全年賭收跌79%至75億美元。考慮到香港目前仍然封關，而過去香港佔旅客量的三分一，目前賭收一半來自非香港相關的數字已回復。
該行指，目前客量較預期為低，在政府仍強調以控制疫情為主的情況下，預期直至疫苗有效前，旅遊限制不會完全解除，意味著旅客復甦仍需時。目前預期2020年賭收258.93億美元，較2019年水平低28%，料2021年行業才可回復至360億美元的水平，對行業維持樂觀看法。
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本網綜合7間券商預期銀娛2020年業績將錄得盈轉虧蝕41.68億元至62.64億元，中位數為虧損47.33億元，對比2019年錄純利130.42億元。
券商│2020年純利預測(港元)│按年變幅
中銀國際|虧損41.68億元|盈轉虧
摩根大通|虧損44.35億元|盈轉虧
花旗|虧損44.63億元|盈轉虧
里昂|虧損47.33億元|盈轉虧
廣發証券|虧損47.43億元|盈轉虧
高盛|虧損47.54億元|盈轉虧
美銀證券|虧損62.64億元|盈轉虧
按銀娛2019年純利130.42億元計算
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本網綜合6間券商預期銀娛2020年淨收益介乎120.79億元至151.86億元，按年跌70.7%至76.7%，中位數為129.75億元，按年跌75%。
券商│2020年淨收益預測(港元)│按年變幅
高盛|151.86億元|-70.7%
廣發証券|143.82億元|-72.3%
中銀國際|134.09億元|-74.2%
花旗|125.4億元|-75.8%
摩根大通|122.34億元|-76.4%
美銀證券|120.79億元|-76.7%
按銀娛2019年淨收益為519億元計算
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本網綜合6間券商預期銀娛2020年經調整EBITDA為負9.53億元至19.53億元，中位數負11.21億元。
券商│2020年經調整EBITDA預測(港元)
中銀國際|-9.53億元
里昂|-11億元
花旗|-11.14億元
摩根大通|-11.28億元
高盛|-12.32億元
廣發証券|-19.53億元
按銀娛2019年經調整EBITDA的164.79億元計
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