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《大行報告》大摩:金沙中國(01928.HK)上季EBITDA遜預期
阿思達克 10-21 09:55
摩根士丹利發表報告指,受8月和9月底疫情反彈拖累,金沙中國(01928.HK)上季經調整物業EBITDA按季跌76%至3,200萬美元,低於該行預期,但符合市場3,600萬美元的預測。目標價維持20元,評級「增持」。 報告稱,金沙中國上季中場收入按季下跌32%,只有2019年第三季的27%,差過市場預測的按季跌24%。高端中場和普通中場都按季跌32%,分別至2019年第三季的37%和18%。 大摩指出,考慮到大眾市場、VIP市場份額損失、淨虧損擴大、零售租金強於預期的綜合因素,現時金沙中國估值相當於明年預測企業價值對EBITDA約12倍,或預測2023年的9倍。
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