富瑞:維持永利澳門(1128.HK)12.8港元目標價 料行業將逐步改善
富瑞發表研究報吿指,永利澳門(1128.HK)首季業績基本符合預期,管理層評價亦正面,包括五一勞動節假期表現強勁、內地訪澳旅客及夏季情緒樂觀。不過,富瑞維持假期後逐步復甦的觀點,直至旅遊限制措施進一步放寬。該行維持永利澳門目標價12.8港元,以及持有評級。
富瑞表示,五一勞動節假期表現強勁,EBITDA達每天300萬美元,管理層注意到由於無法海外旅遊,而出現了新的內地旅客訪澳趨勢。管理層在集團電話會議中透露,傳統節日後的交易較為緩慢,但較4月份強;4月表現開始緩慢,但相信下半年表現強勁,管理層預期復甦將持續至5、6月;夏季月份相對正面;以及每天220萬美元的開支,按季持平,而可動用的流動資金則有29億美元。
該行預期,行業將逐步改善,但下一階段的復甦將取決於進一步放寬的旅遊限制。儘管下一階段可能是內地放寬團體旅遊簽證,這對旅客人數有利,但利潤率較低,因此對於博彩總收入不會有太大利好。
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