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一文綜合券商於銀娛(00027.HK)公布業績後最新評級、目標價及觀點
銀河娛樂(00027.HK)今早股價靠穩,最新報46.1元跌0.3%。摩根大通表示,澳門近期新冠疫情令博彩業帶來打擊,指市場不會太過在意銀娛今年第二季業績表現,因對其未來的指導性不會很大,指公司第二季錄經調整EBITDA虧損約3.84億元為兩年來首次,估計營運困難情況會持續至第三季(很可能再錄季度虧損)。匯控環球研究料銀娛未來復甦前景仍充滿挑戰,但指其資產負債表強勁,維持「買入」評級。 銀娛昨日中午(18日)公布今年中期業績,收益65.24億元按年跌38.8%。經調整EBITDA錄1.91億元,按年跌90%。盈轉虧蝕8.5億元,上年同期賺9.47億元;每股虧損19.5仙。由於持續受到疫情影響,不派中期息。 單計第二季,銀娛錄得淨收益為24億元,按年跌56%。期內經調整EBITDA虧損約3.84億元;撇除因淨贏率偏高所增加的2,400萬元,第二季正常化後經調整EBITDA虧損則錄4.08億元。截至6月底止,集團核心債務為3億元,現金及流動投資為290億元,淨現金約203億元。銀娛主席呂志和表示,銀娛已為競投其中一個澳門娛樂場幸運博彩經營批給作好最充份準備,期待競投過程在年底前完成。 【業績優預期 候行業復甦】 里昂發表報告表示,銀娛第二季經調整EBITDA虧損約3.84億元,優於該行原預期,相信是旗下澳門銀河及星際酒店收入優於預期,維持對其「買入」評級,輕微下調對其目標價由59.09元降至58.7元。 花旗出席了銀娛的分析員會議後,引述公司管理層指澳門自7月下旬放寬旅行限制以來,旅客訪問量和賭收正在反彈至6月中旬的水平,並相信「澳門銀河」第三期和第四期即將開放的非博彩設施,將有助於吸引大中華區以外的遊客到澳門,而公司在第二季將其每日營運支出按季減少約6%至約210萬美元(每日現金消耗相應減少至約190萬至200萬美元)。 -------------------------------------- 下表列出9間券商對其評級及目標價: 券商│投資評級│目標價(港元) 里昂│買入│59.09元->58.7元 花旗│買入│57元->56元 摩根大通│增持│56元 大和│買入│57元->55元 高盛│買入│54.2元 瑞銀│買入│54.2元 匯控環球研究│買入│50元 瑞信│跑贏大市│49元 摩根士丹利│與大市同步│47.5元 券商│觀點 里昂│次季業績勝預期,充足流動性以應對逆風 花旗│第二季將每日營運支出按季減少約6% 摩根大通│估計營運困難情況會持續至第三季 大和│次季成本控制得宜 高盛│次季業績超預期,成本降低彌補博彩收入損失 瑞銀│料路(乙水)三期年底前不會以開業,指保持高現金流應對逆境 匯控環球研究│復甦前景仍然充滿挑戰,料至年底總支出達240億至250億元 瑞信│次季經調整EBITDA虧損3.8億元仍勝預期,具強勁現金流應付行業低潮 摩根士丹利│成本控制得宜,290億元現金流應能未來資本開支
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