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李樂雯女士 (Phoenix Li)
經理

現任職輝立分行經理,對股票、期貨投資經驗豐富。 樂意為客戶提供投資分析及買賣策略。 歡迎各位來電交流心得。
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銀河娛樂(00027.HK)

Friday, September 12, 2025 Views102

銀河娛樂(00027.HK)

集團簡介

銀河娛樂集團有限公司主要從事博彩業務、酒店和度假村經營、娛樂和休閒活動、以及零售和餐飲服務。該集團在澳門的市場佔有率較高,致力於提供綜合的娛樂和度假體驗,以滿足不同客戶的需求。

在2025年第二季度,銀河娛樂的淨收入達到120.44億元,按年增長了10%。經調整的EBITDA為35.69億元,年增長12%,恢復至2019年第二季的82%水平,並與市場預期的35.4億元基本一致。公司業績超出預期的主要原因包括嘉佩樂酒店的開業推動了市場份額的提升,以及娛樂活動吸引了更多的訪客。此外,得益於有效的成本控制,公司日均營運成本保持穩定。中期股息為每股0.7元,對應約60%的派息率,未來將繼續維持此派息率。

根據財務摘要,2025年8月澳門博彩總收入(GGR)達到222億澳門元,按年增長12%,已恢復至疫情前的91%水平。中場與角子機的收入恢復至120%至125%,而貴賓廳業務則恢復約30%。這表明澳門博彩業已出現轉捩點,主要受到財富效應和香港市場流動性充裕的推動,預計這一強勁勢頭將持續一段時間。

銀河娛樂集團的業績增長反映了澳門博彩市場的復甦,尤其是在疫情後的恢復階段。嘉佩樂酒店的開業顯著提升了市場份額,證明了新設施對吸引遊客的重要性。成本控制的有效性也顯示出公司在面對市場挑戰時的靈活應對能力。

然而,儘管博彩業務正在復甦,貴賓廳的恢復速度仍較慢,這可能會影響整體盈利能力。未來,隨著衛星娛樂場的關閉,星際酒店可能會受益於留存需求,這將是一個潛在的增長驅動因素。

總體而言,銀河娛樂在市場復甦的環境中具備良好的增長潛力,但仍需密切關注貴賓廳業務的表現以及外部市場條件的變化。

 

建議: 買入價:37 目標價:58 止損:34

本人李樂雯為證監會持牌人士。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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