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趙俊邦先生 (Joseph Chiu)
助理經理

現任職輝立助理經理,投資股票經驗豐富。擅長期權及期貨倉位分析,誠意為客戶提供實戰應用策略或交流心得!
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1928 金沙中國‧體驗無盡精彩!

Wednesday, January 17, 2018 Views6710
金沙中國有限公司
 
綜合財務業績
根據國際財務報告準則,金沙中國有限公司的總收益淨額由二零一六年第三季的1,710,000,000美元(13,290,000,000港元)增至二零一七年第三季的1,920,000,000美元(15,030,000,000港元),增幅為12.3%。金沙中國有限公司的經調整EBITDA由二零一六年第三季的628,000,000美元(4,870,000,000港元)增至二零一七年第三季的651,000,000美元(5,085,000,000港元),增幅為3.7%。金沙中國有限公司的利潤由二零一六年第三季的325,000,000美元(2,520,000,000港元)增至二零一七年第三季的403,000,000美元(3,148,000,000港元),增幅為24.0%。
 
威尼斯人
澳門威尼斯人於第三季的收益淨額錄得 719,000,000 美元,而經調整EBITDA則錄得265,000,000美元,並錄得EBITDA利潤率36.9%。於二零一七年第三季,可用客房較去年同季減少約8%。季內,非轉碼入箱數目增加10.4%至1,890,000,000美元。非轉碼贏額百分比則為22.8%,而二零一六年第三季為25.6%。轉碼金額為6,900,000,000美元,而轉碼贏額百分比則為3.28%,於預期範圍內及低於去年同季錄得的3.75%。季內,角子機收入總額為718,000,000美元。
 
金沙城中心
金沙城中心二零一七年第三季的收益淨額及經調整EBITDA分別為469,000,000美元及155,000,000美元,而EBITDA利潤率則為33.0%。第三季的非轉碼入箱數目為1,440,000,000美元,而非轉碼贏額百分比則為20.4%。季內,轉碼金額為2,850,000,000美元,而轉碼贏額百分比則為2.66%,低於預期範圍及二零一六年第三季的4.16%。季內,角子機收入總額為1,180,000,000美元。
 
巴黎人
澳門巴黎人已於二零一六年九月十三日開幕。澳門巴黎人的收益淨額及經調整EBITDA分別為416,000,000美元及135,000,000美元,而EBITDA利潤率則為32.5%。非轉碼入箱數目為1,000,000,000美元,而非轉碼贏額百分比則為20.9%。轉碼金額為6,950,000,000美元,而轉碼贏額百分比則為3.11%,於預期範圍內及低於二零一七年第二季的贏額百分比3.89%。季內,角子機收入總額為927,000,000美元。
 
百利宮
澳門百利宮於二零一七年第三季的收益淨額及經調整EBITDA分別錄得146,000,000美元及51,000,000美元,導致EBITDA利潤率為34.9%。於二零一七年第三季,可用客房較去年同季減少約6%。非轉碼入箱數目較去年同季增加10.0%至297,000,000美元,而非轉碼贏額百分比則為23.1%。季內,轉碼金額增加56.1%至3,130,000,000美元。於二零一七年第三季,轉碼贏額百分比為2.23%,低於預期範圍及低於去年的3.67%贏額百分比。季內,角子機收入總額增加3.5%至117,000,000美元。
 
金沙
澳門金沙於第三季的收益淨額及經調整EBITDA分別錄得140,000,000美元及40,000,000美元,而EBITDA利潤率則為28.6%。季內,非轉碼入箱數目為603,000,000美元,而角子機收入總額則為602,000,000美元。季內,轉碼金額為680,000,000美元。該物業於季內實現轉碼贏額百分比1.13%,低於預期範圍及去年同季錄得的2.03%。
 
建議買入價 - $42
目標價 - $48
十二個月目標價 - $61
止蝕 - $42
 
註:本人趙俊邦為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。
 
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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