《大行報告》大摩升永利澳門(01128.HK)目標價至8.4元 評級「增持」
摩根士丹利發表報告,將永利澳門(01128.HK)目標價上調12%至8.4元,因爲將今年EBITDA預期上調4%,並將維護資本支出假設下調25%,以反映管理層較低的指引,估值便宜,給予評級「增持」。
同時,該行將中場收入佔比預測略微下調至12.4%,之前預測爲12.6%,市場預期爲11.9%,因爲認爲集團今年可能會面臨更多來自銀娛(00027.HK)和美高梅(02282.HK)的競爭。至於今年每股盈利預測上調9%,繼續假設今年的每股派息爲零。明年業績預測大致不變,惟估計每股派息由0.45元下調至0.3元,即派息比率50%,預計後年纔會回到2019年0.45元的水平,相當於股息率6.7%。
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