大行评级丨高盛:银河娱乐世界杯后赌收复苏势头健康,维持“买入”评级

格隆汇
Sep 03
高盛发表研报指,银河娱乐管理层于高盛亚洲领袖会议上对业务前景审慎乐观。受世界杯影响,澳门赌收于6至7月短暂受挫后,近数周每日赌收运行率已急剧回升至7.1亿至7.2亿澳门元,8月按年跌幅收窄至1%。管理层指市场竞争仍相当激烈,尤其高端分部,但玩家再投资率近月大致企稳。该行认为金沙中国新任营运总裁重点更偏成本优化,而非短期更进取推广;若执行顺利,随着赌收稳步回升至接近每日7.3亿至7.4亿澳门元,或对EBITDA利润率构成上行风险。股东回报方面,集团2026年上半年中期每股派息已上调至0.9港元,为过去一至两年连续第三次上调。该行认为0.9港元或成未来派息下限,强劲资产负债表及现金流可进一步支持派息增长。该行维持“买入”评级,12个月目标价51港元,估值吸引。

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