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袁鉅文先生 (Aman Yuen)
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金融經濟系畢業, 從事股票衍生工具投資工作已有十年, 善於技術分析及期權買賣策略.歡迎各位來電交流心得
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永利澳門 (1128.HK)

Monday, November 13, 2017 Views6744

永利澳門主要在澳門營運兩間綜合娛樂場渡假村勝地,永利澳門及永利皇宮。

永利澳門位於澳門半島市區的娛樂場活動的中心,於2006年9月6日向公眾開放。提供博彩場地及額外的餐飲及零售設施。永利澳門於2010年4月增加了酒店住宿及一系列博彩與非博彩設施。永利皇宮於2016年8月開放,位於澳門路氹。娛樂場空間較舊永利大50%。提供更優質設施和更多酒店房間.

公司公布截至今年9月底止之業績,營業額為33.1億美元,按年跌71.6%。經調整EBITDA為9.1億美元,按年升63.4%。

大摩相信,第三季EBITDA按季表現跑贏美高梅(02282.HK)及銀娛(00027.HK),主要有三大原因,包括:永利皇宮酒店住房比例提升至70%;貴賓廳中介人業務增長仍然迅速,賭客亦較喜歡永利;隨著美高梅路(乙水)項目開幕(估計1/2018),料人流將有所改善,因此給予其「增持」評級,目標價22元。

早前風災對澳門濠賭股影響短暫,9月貴賓廳業務表現仍然強勁。今年十一黃金周較長(國慶連中秋節),酒店房預訂情況似乎不俗。


7月及8月中場收入按年增長分別為12%及9%,該行估計今年餘下月份亦有10%以上增幅,較小型的中介公司如「大衛星」開設更多房間,料將帶動未來數月貴賓廳業務按年有20%以上的增幅。

該行預期,今年第四季賭收按年增幅由第三季的21%放緩至16%,主因基數效應較高。

 

 

投資建議

增持

建議時股價

$21.9

目標價

$23.68

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