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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, February 19, 2021 Views6384

銀河娛樂(00027.HK)

 

集團簡介

銀河娛樂集團有限公司(GEG)是一家酒店和遊戲公司。 該公司在澳門開發和經營酒店,博彩及綜合度假設施。本公司的主要業務為投資控股。 本公司透過其附屬公司從事於娛樂場遊戲或其他形式的遊戲,在澳門提供款待及相關服務,以及製造,銷售及分銷建築材料。 它的細分市場是遊戲和娛樂,建築材料以及公司和資金管理。公司的澳門銀河包括五家酒店的約3600間客房,套房和別墅,包括澳門麗思卡爾頓酒店; 澳門悅榕莊; 澳門JW萬豪酒店; 澳門大倉酒店和銀河酒店。該公司的百老匯酒店擁有約320間客房和套房,門廊,代客停車和裝潢。 銀娛經營三個城市俱樂部賭場:沃爾多賭場,總統賭場和里約賭場。

財務摘要

截至2020年6月30日止六個月,銀河娛樂集團有限公司的收入減少76%至HK $ 6.22B。 淨虧損總額為HK $ 2.86B,而收入為HK $ 6.68B。收入反映博彩和娛樂分部減少80%至HK $ 5B,建築材料分部減少8%至HK $ 1.22B,澳門分部減少80%至HK $ 5.11B,中國內地分部減少16%,為港幣4.274億元。

 

疫苗接種有機重新開放邊境

市場對去年9月重新開放的賭場,最終博彩收入表現和每股收益抱有太多期望下跌使投資者感到失望,並且該公司去年宣布了第四季度利潤,這意味著不利因素已經消除。澳門博彩業的回報是積極的,並且可能有赶超的機會。相信農曆新年令人失望的表現可能會幫助澳門博彩股掃清障礙並提供正面的反饋。當前的市場預期較低,投資者情緒也很冷淡,但據估計,春節後重新開放的需求可能已觸底,未來可能會有好消息,包括允許跨省旅行,如果確診病例降至兩位數或更低的低位,則預計中國,香港和澳門的邊界將重新開放。此外,預計政府將有機會在夏季之前將賭博至少延長一年,這可能會產生積極影響。據信,目前該行業的企業價值倍數僅為12倍,低於13-14倍的長期平均水平,例如明年利潤恢復正常,並有望有較大的重估空間。除了放鬆旅遊業之外,隨著遊客和賭徒重新獲得信心,大眾市場需求也持續改善。據估計,從“ 5月1日黃金周”到今年下半年,復甦將更為顯著。預計第三和第四季度將接受大眾市場的賭博它將恢復到75%和90%,並在明年完全恢復。

 

建議: 買入價:69 目標價:79 止損:65

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