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銀娛(00027.HK):內地反貪腐不影響貴賓業務暫無融資需要 @ 2013-03-27T00: Back Hot News
Keyword:銀娛
Concept:98億不派息 , 2012年全年業績
銀娛旗下的「澳門銀河」首次帶來全年盈利貢獻,去年第四季度除息、稅、折舊及攤銷前盈利,即EBITDA,上升五成二。銀娛指,隨著澳門銀河二期2015年中開幕,相信業務將繼續增長。
年內總博彩收益增加14%至2,950億港元,其中中場業務錄得近33%的歷來最高增長。總旅客人數輕微上升至近2,810萬人次,其中來自中國內地的旅客增長較快,目前占總旅客數量超過60% (2011年:58%)。若將中場業務增長水平與旅客數字增長比較,可見澳門已成功吸引更多追求旅游及休閒享受的旅客。銀娛預計這市場轉移將會持續,鑒於在未來兩至三年,澳門及中國內地將有更多大型基建項目落成,包括連接橫琴島的廣珠城際快速軌道延伸線及廣珠高速公路、港珠澳大橋及連接澳門、潭仔及路潭的輕軌系統,將令中國內地往返澳門更為便捷及改善澳門的內部連系。銀娛旗下「澳門銀河™」及星際酒店的現有設施,配合集團於路潭第二、三及四期令人期待的發展計劃,讓集團處於有利位置,把握澳門進一步滲透中國市場所帶來的機遇。
該行指,銀娛估值較金沙中國(01928.HK)便宜,卻擁有較多土地發展,未來4年盈利增長潛力更佳。雖然銀娛不派息,但新項目較高的資本投資回報率應可補償。若貴賓廳業務量或市場份額下跌,令銀娛股價下跌,反而造就入市機會。(KA/T)

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