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《大行报告》高盛:永利澳门(01128.HK)及美高梅中国(02282.HK)恢复派息比预期早 金沙中国(01928.HK)或紧随其后
高盛发表报告指,永利澳门(01128.HK)及美高梅中国(02282.HK)相继恢复派息。该行早前曾经提到,鉴于财务状况大幅改善,部分赌场营运商或会在今年稍后或明年初恢复派息,因此时间属早于预期。该行亦对永利澳门目前决定恢复派息感到意外,因为其2023财年末的净负债对EBITDA比率仍相当高,达4.5倍,管理层最近提到,集团考虑因素包括市场复苏的速度、经营权产生的额外成本、债务到期日等。 该行认为,永利澳门和美高梅中国恢复派息对市场是一个积极信号,表明重新通关后,赌收正连续4至5个季度健康复苏,令两间管理层对其现金流的可持续性变得更有信心。就债务到期情况而言,永利澳门和美高梅中国去年没有到期债务,但今年分别有6亿及7.5亿美元到期债务。截至2023财年末,两间公司分别有20亿及5.42亿美元现金,此外还有5亿及15亿美元未动用融资额度。加上该行预测今年两企自由现金流各介乎4亿至6亿美元,两间公司应有足够的流动资金来偿还今年到期的债务并支付股息。 至于其他营运商,高盛相信它们各有不同考虑因素,但相信金沙中国(01928.HK)可能是下一个恢复派息的营运商之一,预计或会在2024财年内恢复派息。 经考虑恢复派息后,该行轻微调整永利澳门及美高梅中国2024至2026年EBITDA估算,永利澳门目标价由8.5元微降至8.4元,美高梅中国目标价则由13.6元升至14.4元。该行予两企各「中性」评级。
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