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> 正文
永利澳門盈利能力回升
3/1/2024 3:31:26 PM
永利澳門(01128.HK)是一家在澳門經營博彩業的公司,擁有一個賭場度假村,集酒店、賭場、休閒和高級餐廳、零售空間和娛樂設施等於一身。由於公司收益波動大導致股票振幅較寬,對許多投資者來說可能是一個風險稍高的投資,但相信公司管理層能用股價證明自己實力。
公司最新盈利報告強勁
根據最新公告,永利澳門2023年稅息折攤前利潤(EBITDA)超預期。其中,酒店管理業務 EBITDA 季度環比上升16%至3億美元(相當於疫前85%),超過行內分析員預期的2.8-2.85億美元。公司控制成本效益亦開始有所回報。營運支出季度環比上升4%(收入增長10%),比2019年(疫情前)第四季度每天3百萬美元低14%。此外,公司擁有穩健的市場份額。公司下注總金額(Gross Gambling Revenue, GGR)季度環比增長12%(行業季度環比增長8%),大眾GGR季度環比增長11%,比疫情前高17%(行業季度環比增長11%,比疫情前高5%),比大多數投資者預期更好,而且貴賓(VIP)業務表現也比行業亮麗,季度環比增長11%(行業整體分析師預測為中/高單位數增長)。
娛樂消費需求持續恢復 公司去杠桿化獲積極評級
經濟增長疲軟,因此分析師預測國內零售增長將從2023年的6.9%放緩至2024年的4%,但由於國內旅遊需求強勁,以及澳門新景點和酒店增加及交通便利性提高,預計2024年澳門博彩業需求仍會保持強勁。博彩行業分析師預測整體 GGR 將在2024年增長約22%。此外,標準普爾評級最近在網絡研討會上指出,預計澳門博彩發行人下半年EBITDA和現金流改善的機會提高。而永利標普評級升級的關鍵在於去槓桿化,這取決於債務和資本支出的改善。據多位分析員預測,永利將於2025年之前調整槓桿率,將其降至3.5倍以下,導致評級機構重新檢視目前情況。綜合目前狀況,公司在標普評級中現時被評為前景穩定,且今年下半年有極大機會獲積極評級。
永利股價被低估
考慮到永利目前EV/EBITDA估值為9.5倍、市盈率為15倍,若 EV/EBITDA倍值輕微增加1倍將會推高市值約25%,所以如果倍值正常化,將會解鎖大量股值。以永利9倍EBITDA,減去2024年底淨債務,以及22%自由現金流收益率計,保守目標價為8.6港元。這相當於永利2024年預期EBITDA只有12倍,中長期投資者可考慮購入。
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