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《大行報告》花旗:銀娛(00027.HK)上季業績穩固 資產負債表仍然強勁
阿思達克 02-25 14:58
花旗發表研究報告指,銀娛(00027.HK)公布去年第四季淨收入錄51.03億元,按年下跌61%,經調整EBITDA按年下跌約75%至10.1億元,遠超該行預期的9.16億元及市場普遍預期的9.15億元,相信主要是由於銀河娛樂場及星際娛樂場的中場賭檯收入好過預期。

期內集團貴賓博彩總收入按年下降74%,博彩量同時亦下降74%,貴賓贏款率(VIP Hold Rate)略微偏低,由2019年第四季的3.82%降至3.75%,整體中場博彩收入則按年下降63%。

花旗指出,澳門銀河娛樂場期內EBITDA按年跌77%,經調整EBITDA約為8億元,對比2019年同期為30億元;星際娛樂場EBITDA亦按年下跌81%。該行指,銀娛的資產負債表依然表現強勁,截至2020年底現金和流動投資為460億元,淨現金餘額為368億元,以SOTP及DCF估值法,給予目標價72元,評級「買入」。

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