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摩通:金沙中國(1928.HK)上季物業EBITDA遜預期 予“減持”評級

摩通發研報指出,金沙中國(1928.HK)第三季經調整物業EBITDA為為3200萬美元,按季下跌76%,略低於摩通預估的3600萬美元,但摩通認為,在通關受制及管理層並無作出明確指引下,第三季業績對集團日後表現的預示作用有限。摩通予金沙中國“減持”評級,目標價為20港元。

摩通指,金沙中國第三季博彩總營收按季下跌37%,較市場平均為差,反而賭場以外業務卻見亮點,按季僅跌4%,反映在市場對高端產品強勁需求下,金沙中國的零售業務持續復甦至接近疫前之水平。金沙中國管理層重申對續牌有信心。摩通又提到,截至第三底末,金沙中國有流動性約25億美元,略低於第二底末的29億美元,但已足以應付經營艱環境困局。

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