《大行報告》大摩下調金沙中國(01928.HK)目標價至21元 反映削明年EBITDA預測30%
摩根士丹利發表研究報告指,金沙中國(01928.HK)是該行在澳門博彩行業中的首選股,因為其中場業務量大、續牌風險較低,且估值相對於銀娛(00027.HK)更具吸引力。該行將集團目標價由22元下調至21元,以反映2023年EBITDA預測下調30%至9.38億美元。
該行提到,要留意金沙中國的流動性,其第三季度業績錄虧損,推動淨債務增至81億美元。截至第三季末,集團擁有14億美元現金。公司有一筆來自2018年的15億美元未償還信貸融資於2023年7月到期。
對於整個行業發展,該行分別下調今明兩年的博彩總收入(GGR)預測17%及3%,以反映澳門及內地於第四季以至明年首季仍或持續的旅遊限制。
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