Insights

銀娛縱第二季受重挫 預期將可強勢復甦

銀河娛樂(SEHK:27)第二季業績受疫情打擊重挫,自由行重臨澳門,將可強勢復甦? – Ctai strip Macau Galaxy earnings dividends

新冠肺炎疫情為旅遊業帶來沉重打擊,各地出入境管制下,旅遊業幾乎陷入停頓,澳門賭場無異是香港上市公司中受影響最顯著的板塊之一。不過,中國內地最近宣布將在9月23日起恢復辦理內地居民赴澳門旅遊簽注,澳門賭場龍頭之一的銀河娛樂(SEHK:27)將可強勢復甦?

疫情打擊沉重

銀河娛樂指出疫情促使各地政府實施的旅遊限制及社交距離限制對今年上半年的業績構成負面影響。澳門政府曾宣佈所有娛樂場所關閉15日,前往澳門的旅行團和自由行亦曾經暫停。旅客數量大減下,賭場人跡罕至。據博監局,上半年澳門博彩收益總額錄得77%同比跌幅,第二季同比跌幅更達96%。

受收入顯著下跌,巨額員工開支持續產生等因素影響,銀河娛樂今年第二季錄得經調整息稅折舊減值前虧損13.7億元(港元·下同),相比去年同期溢利43.3億元,今年首季溢利則為2.8億元,可見疫市中旅遊業未能重啟,賭場營運表現持續惡化。

銀河娛樂主要在澳門經營三項核心娛樂資產,包括綜合渡假城「澳門銀河」、「澳門星際酒店」、及娛樂及美食街新地標「澳門百老匯」。這三項資產在疫市受打擊不輕,上半年淨收益分別下跌80%,81%,及78%,第二季跌幅更甚,分別為97%,97%,及92%。資產收益大減,營運開支蠶食僅餘溢利,三項核心資產在上半年均錄得經調整息稅折舊減值前虧損。

中長線前景樂觀

疫情打擊雖然沉重,但集團對澳門及銀娛的中長線前景樂觀,第三及四期的發展項目依然在疫市中推進,落成後可提供約3,500間酒店客房,以及會議展覽空間、多用途場館等設施,有望加強集團接待訪客的能力。旅遊寒冬中本地需求較低的賭場表現受挫是理所當然的,但銀河娛樂旗下資產依然優質,疫後復甦能力可靠。再者,澳門作為中國最核心的合法賭場集中地,中國內地訪客在疫後重臨的確定性相當高。最近中國政府公布全國公安機關出入境管理部門將於9月23日起恢復辦理內地居民赴澳門旅遊簽注,有望為疫市中表現不振的銀河娛樂打下強心針。

結語

銀河娛樂在疫市表現遜色,但資產質素未有受損,自由行重啟有望改善集團下半年表現。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!