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《大行報告》高盛:永利澳門(01128.HK)及美高梅中國(02282.HK)恢復派息比預期早 金沙中國(01928.HK)或緊隨其後
高盛發表報告指,永利澳門(01128.HK)及美高梅中國(02282.HK)相繼恢復派息。該行早前曾經提到,鑑於財務狀況大幅改善,部分賭場營運商或會在今年稍後或明年初恢復派息,因此時間屬早於預期。該行亦對永利澳門目前決定恢復派息感到意外,因為其2023財年末的淨負債對EBITDA比率仍相當高,達4.5倍,管理層最近提到,集團考慮因素包括市場復甦的速度、經營權產生的額外成本、債務到期日等。 該行認為,永利澳門和美高梅中國恢復派息對市場是一個積極信號,表明重新通關後,賭收正連續4至5個季度健康復甦,令兩間管理層對其現金流的可持續性變得更有信心。就債務到期情況而言,永利澳門和美高梅中國去年沒有到期債務,但今年分別有6億及7.5億美元到期債務。截至2023財年末,兩間公司分別有20億及5.42億美元現金,此外還有5億及15億美元未動用融資額度。加上該行預測今年兩企自由現金流各介乎4億至6億美元,兩間公司應有足夠的流動資金來償還今年到期的債務並支付股息。 至於其他營運商,高盛相信它們各有不同考慮因素,但相信金沙中國(01928.HK)可能是下一個恢復派息的營運商之一,預計或會在2024財年內恢復派息。 經考慮恢復派息後,該行輕微調整永利澳門及美高梅中國2024至2026年EBITDA估算,永利澳門目標價由8.5元微降至8.4元,美高梅中國目標價則由13.6元升至14.4元。該行予兩企各「中性」評級。
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