《大行报告》汇丰研究下调银娱(00027.HK)目标价至47元 评级「买入」
银河娱乐(00027.HK)首季经调整EBITDA录5.75亿元,按年跌33%,按季亦跌45%。汇丰研究发表报告,指银娱首季业绩好过预期,受成本控制有效带动。该行将银娱2022至2024年各年EBITDA预测分别下调36%、14%、6%,以反映对澳门与内地通关预期更趋保守,同时考虑到宏观环境导致消费者信心减弱。汇丰研究将银娱估值基准年展期至2023年,以反映2023年更正常的业务量,目标价由49元下调至47元,维持「买入」评级。
汇丰研究认为,银娱凭借其稳健的营运纪录和审慎的成本管理,能抵御不利因素,其净现金资产负债表每天产生24万美元的利息收入,预计中介人连带责任对其的影响有限。
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