云顶双雄可否重返高峰?
新山读者云先生问:
从云顶(GENTING,3182,主板消费产品服务组)和云顶大马(GENM,4715,主板消费产品服务组)最新的业绩来看,是不是越来越好了?股价会回到高峰吗?
云顶业务改善
答:先看云顶(GENTING,3182,主板消费产品服务组)业绩,首半年净亏从8.95亿令吉减至2.59亿令吉,但业务改善仍低于艾芬黄氏研究预期。
分析员认为狮城业务需贡献更多,调低今后3年财测24.5%,至净赚4亿4100万令吉,也调低目标价至4令吉62仙。
该行下修明年后年财测8.8%与4%,分别来到10亿6900万令吉与16亿5400万令吉。
艾芬相信云顶业绩低于预期,主要是新加坡业务疲软,外国游客缓慢复苏、国民减少踏足、博弈低胜率等,狮城3月1日增加3%赌博税,也使得营收按季平平。
该行相信狮城业务的中国游客稀少和新元走强,新加坡业务营运的博弈营收,大约只能复苏一半。
云顶名胜世界拉斯维加斯(RWLV)业务则强力改善,营运盈利从首季5810万令吉增至次季1亿5900万令吉,疫情纾缓后到赌场者渐增,而且酒店入住率从1月的54%改善至90%。
云顶大马可强势复苏
然而,名胜世界拉斯维加斯的营运盈利赚幅仍低于竞争者,分析员相信作为拉斯维加斯新进的名胜世界需牺牲一些利润,才能从盘根已久的竞争者赢取市占。
至于云顶大马,次季亏损大幅缩减,随著国内旅游全面开放,下半年料可强势复苏;惟分析员维持现金流折现法(DCF)价值每股3令吉20仙,并在该股近期回扬后下调评级至“持有”。
达证券在报告中指出,云顶大马上半年核心亏损3140万令吉,业绩表现符合预期,随著区域旅游限制解除、酒店房入住率增加及获益于澳门赌场因冠病限制而下降的市占率,下半年料可强力发展。
云顶大马上半年营运盈利从去年的6480万令吉增至10亿令吉;营业额更是按年翻1.7倍,至39亿令吉。游客人数从首季430万人增至次季540万人,贵宾赌客占了博彩营业额53%,酒店房入住率达到97%。
本栏并无作出任何股票交易的建议,一切买卖盈亏自负,在采取投资行动前,请依本身的投资条件与情况,及向你的证券经纪咨询。
https://www.sinchew.com.my/20220912/%E4%BA%91%E9%A1%B6%E5%8F%8C%E9%9B%84%E5%8F%AF%E5%90%A6%E9%87%8D%E8%BF%94%E9%AB%98%E5%B3%B0%EF%BC%9F/
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