智通财经APP获悉，大华继显发布研报称，银河娱乐(00027) 首季经调整EBITDA环比下跌9%。经调整EBITDA利润率为26.5%，环比跌2.5个百分点。然而，首季的赢款率(Hold Rate)低于去年下半年的水平。如果赢款率正常化，经调整EBITDA将增加3亿元。大华继显下调银河娱乐今明两年的EBITDA预测6%及8%，目标价下调4%，由45港元降至43港元，评级“买入”。
报告提到，据银娱管理层表示，在五一劳动节假期期间，集团的博彩收入增长率较同业为高，意味着市占率有所提升。不过，有别于农历新年的长尾效应(Long-Tail Effect)，五一劳动节假期在假期后的营业额有所下滑，符合往年的正常规律。展望未来，银娱计划在次季安排一系列娱乐活动，以刺激业务增长。
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