汇丰环球研究发表研究报告指，金沙中国(01928.HK) 2025财年第一季物业EBITDA较市场预测低4%，收入及利润率均低于预期。该行认为，威尼斯人是导致金沙中国未达预期的原因之一，其EBITDA按季及按年均录得下降。
该行认为，虽然金沙中国旗下“伦敦人酒店”于4月全面开业，赶上“五一黄金周”增加供应，不过鉴于宏观环境不确定及高端大众市场竞争激烈，业绩提升可能需时。该行预计，金沙中国将加大营销力度，加上员工成本上升，利润率可能面临压力。
另外，汇丰研究乐见金沙中国已提前偿还10亿美元母公司贷款，显示其对流动性状况的信心。基于2025财年首季低于预期的表现，因而将其2025至2026财年EBITDA预测下调10%至13%，预计EBITDA按年增长仅在第四季度转正。
汇丰研究将金沙中国目标价由19港元下调至16港元，维持“持有”评级。因缺乏短期催化剂，预计金沙中国业绩提升需时。(js/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-24 16:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.