(吉隆坡14日讯)云顶马来西亚(Genting Malaysia Bhd)上周五(11日)宣布,间接独资子公司 Genting ER II LLC认购公司持股49%的帝国度假村(Empire Resorts Inc)额外1亿5000万美元(约6亿2500万令吉)的优先股后,“负面”(negative)一词最能形容分析员的观点。
银河-联昌证券分析员今日指出,帝国优先股认购对云顶马来西亚来说一个负面发展,因为在纽约经营云顶世界卡茨基尔(Resorts World Catskills)赌场的帝国预计在未来5年将处于亏损状态。
分析员Foong Choong Chen和Sherman Lam Hsien在报告中写道:“虽然我们理解这项作法的原因,但这对云顶马来西亚却是负面的发展,因为我们预测帝国将在未来5年蒙亏(符合帝国在2019年11月8日提交的委托书修改中的预测)。认购完成后,云顶马来西亚在帝国的亏损承担将从49%增至57%,促使我们对(云顶马来西亚)2021至2022财政年的核心每股盈利调降2.9至5.5%。”
丰隆投资银行分析员Andrew Lim Ken-Wern表示,由于帝国需要进一步资金,因此该消息对云顶马来西亚的近期影响略为负面。
“尽管如此,注资金额将使云顶马来西亚的净负债率从2020财年次季的0.34倍,提高至0.37倍,这仍然是可控的。我们对此消息并不完全感到意外,因为帝国之前曾披露除了债务重组外,还需要注资,而如今债务重组受到新型冠状病毒肺炎疫情的进一步影响。”
云顶马来西亚上周五向大马交易所报备,认购L系列优先股的1亿5000万美元,将充作帝国的营运资本的融资用途。
今年3月19日,云顶马来西亚认购了高达4000万美元的G系列优先股。
银河-联昌分析员今日说,虽然不能排除对帝国进一步注资的可能性,但近期可能会通过债券市场筹集更多资金,因帝国正在进行发债。
计入注资帝国的1亿5000万美元,以及重新估值净资产价值(RNAV)折价15%后,该研究机构将云顶马来西亚的目标价从2.80令吉下调至2.70令吉,“加码”评级不变。
“赌场在疫情后全面恢复是潜在的重估催化剂。”
丰隆投行则维持云顶马来西亚的2.43令吉目标价及“守住”评级。
“考虑到这一消息的潜在影响,以及疫情对整体营运的冲击,我们预计近期股价将保持低迷。”
休市时,该股跌4仙或1.81%,报2.17令吉,交投量约1000万股。市值达122亿7000万令吉。
(编译:陈慧珊)
http://www.theedgemarkets.com
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