一文綜合大行對金沙中國(01928.HK)公布業績後最新評級、目標價及觀點
珠海市公布不再執行持24小時核檢證明離珠措施,金沙中國(01928.HK)今早股價造好,最新升逾2%。
金沙中國控股股東拉斯維加斯金沙(LVS.US))昨日(27日)港股開市前公布去年第四季及全年業績,據美國公認會計原則,金沙中國去年第四季淨收益總額按年跌4.3%至6.43億美元;淨虧損2.45億美元,2020年同期淨虧損2.46億美元;經調整物業EBITDA為7,400萬美元,2020年同期則為4,700萬美元。
總計去年,金沙中國淨收益總額按年升70.4%至28.7億美元;淨虧損10.5億美元,2020年淨虧損15.2億美元。經調整物業EBITDA為3.38億美元,2020年經調整物業EBITDA虧損則為4.31億美元。
【季績符合預期 前景仍看好】
摩根士丹利發表報告,維持對金沙中國「增持」評級及目標價23元,指去年第四季EBITDA高於市場預期,每日經營開支跌幅亦大於預期,但零售及中場增長均差於該行預期。中場市佔率按季跌1個百分點至24.4%。高端中場業務佔整體中場業務收入69%,帶動整體中場業務復甦,高端中場收入按季升20%,回復至2019年第四季的44%。零售業務EBIT較2019年第四季水平低17%,但料在今年改善。
里昂指,金沙中國管理層對中國農曆新年假期及短期內澳門顯著放寬入境限制前景不太樂觀,該行因而下調對金沙中國今年EBITDA預測25%至11億美元,因而下調對金沙中國目標價至27.8元,但基於估值吸引給予「買入」評級。該行亦指,金沙中國上季業績大致符合預期,但更多內地封城防疫及旅遊限制持續影響復甦。該行亦認同管理層看法,認為即使博彩中介及貴賓廳領域受影響,客人仍會設法返回澳門賭場,並在其他部分反映。
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本網最新綜合12間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
瑞信│跑贏大市│37元
美銀證券│買入│30.1元
大和│買入│30元
高盛│買入(「確信買入」名單)│28元
里昂│買入│29.22元->27.8元
花旗│買入│27.5元
瑞銀│買入│27.3元
匯豐環球研究│買入│27元
法國巴黎銀行│持有│25元
摩根大通│增持│24元
摩根士丹利│增持│23元
富瑞│買入│20.4元
券商│觀點
瑞信│季績因成本及累積需求強勁勝預期
美銀證券│上季物業EBITDA勝預期
大和│料若獲續牌將有價值修復
高盛│季績超預期,中場博彩毛收抵銷貴賓廳業績下滑
里昂│季績符預期但不值得高興,下調今年EBITDA預測
花旗│季績明顯勝預期,受高端中場推動
瑞銀│季度業績勝預期,受惠中場及經營開支表現
匯豐環球研究│盈利率上升及關口重啟為股價主要推動力
法國巴黎銀行│季度EBITDA仍為正面
摩根大通│季績無關痛癢,指估值處低位
摩根士丹利│季度EBITDA勝預期,但中場及零售表現遜預期
富瑞│業績符合該行預期
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