一文了解券商於金沙中國(01928.HK)公布季績後最新評級、目標價及觀點
金沙中國(01928.HK)控股股東Las Vegas Sands Corp.公布9月底止第三季業績,根據美國公認會計原則,季內金沙中國淨收益總額按年增長2.66倍至6.11億美元,淨虧損4.23億美元,較去年同期的5.62億美元收窄。經調整物業EBITDA為3,200萬美元,去年同期則錄得2.33億美元虧損。
摩根大通指,金沙中國第三季績符合如預期,但相信市場更關注澳門與內地未來放寬通關的潛在影響,在全面通關後估計行業需求將迎來強勁復甦。
【季績符合預期 關注放寬通關】
摩根士丹利發表報告指出,受澳門於8月和9月底新冠疫情反彈拖累,金沙中國上季經調整物業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。該行維持對金沙中國目標價20港元及「增持」評級。該行表示,考慮到中場場、貴賓廳市場份額損失、淨虧損擴大、零售租金強於預期的綜合因素,認為金沙中國目前估值相當於明年預測企業價值對EBITDA約12倍。
瑞信發表報告表示,金沙中國第三季大致符合預期,中場佔比提升,但對行業仍維持審慎看法,因短期缺催化劑,及市場對行業盈利預測有下調風險,兼且新博彩法會帶來不明朗因素。
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下表列出6間券商對其評級與目標價:
券商│投資評級│目標價(港元)
美銀證券│買入│41.2元
瑞銀│買入│28.1元
花旗│買入│24.5元
摩根士丹利│增持│20元
摩根大通│減持│20元
瑞信│中性│14.9元
券商│觀點
美銀證券│季績略優預期,貴賓廳贏率較高
瑞銀│今年第三季度EBITDA大致符預期,需求復甦仍待澳門特區政府通關指示
花旗│季績符預期,維持「買入」評級
摩根士丹利│第三季度EBITDA未達標,但零售租金仍強勁
摩根大通│第三季度業績符合如預期,相信全面通關後需求將強勁復甦
瑞信│第三季度業績基本一致,新博彩法和復甦前景仍不確定
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