(吉隆坡14日讯)随著云顶大马(GENM,4715,主板消费股)第2次注资美国帝国度假村后,分析员提到,这笔投资对云顶大马而言是九牛一毛,但对帝国度假村翻身却至关重要。帝国度假村未来可作出显著贡献。
云顶大马上周五宣布,以1亿5000万美元(逾6亿2500万令吉)认购帝国度假村L系列优先股,舒缓后者短期营运资本需求。
云顶大马周一股价表现疲弱,盘中曾滑跌8仙或3.62%,至全天最低的2.13令吉。惟最终收窄跌幅,以2.15令吉挂收,全天滑跌6仙或2.72%,成交量是2443万股。
同时,其母公司云顶(GENTING,3182,主板消费股)也受到拖累,全天下跌6仙或1.72%,收报3.42令吉,交易量是735万股。
帝国度假村原先希望通过发出4亿7500万美元债券筹资,但碰上新冠肺炎爆发,金融市场情绪低迷,集资计划被迫延后至2021年。
这是云顶大马去年8月初私有化帝国度假村以来,第2次向帝国度假村注资。帝国度假村早已透露有注资需求,因此分析员对上述消息不感到意外。
不过,银河联昌国际证券分析员依然对此抱持负面看法,因帝国度假村在未来数年预计会继续亏损。
“在完成新一轮优先股认购后,云顶大马在帝国度假村的累积投资额有3亿5750万美元(15亿令吉),所认列的亏损比重将从49%扩大至57%。”
无论如何,达证券分析员提到,从帝国度假村过去数年的亏损来看,这笔额外注资可挽救该公司。
美体育博彩获利丰厚
“云顶大马所注入的资金只是九牛一毛,该公司持有60亿令吉现金、负债率仅0.3倍。而且,云顶大马仅投资3亿5750万美元,就可参与帝国度假村旗下的卡斯基名胜世界(RWC)的15亿美元发展项目。投资额比未来的潜在回报低。”
另一边厢,大华继显证券分析员表示,长远来看,帝国度假村可对云顶大马作出显著贡献。尤其是帝国度假村可涉足获利丰厚的美国线上体育博彩市场。
“这可助帝国度假村转亏为盈。假设线上体育博彩在纽约市合法化,帝国度假村料可分别从线下和线上体育博彩管道,取得3000万美元至6000万美元扣除利息、税务、折旧与摊销前盈利(EBITDA)。”
卡斯基名胜世界与纽约名胜世界(RWNY)已于9月9日重开大门营运。
达证券分析员分享道,在当地实施封锁令以前,卡斯基名胜世界今年首2个月营运表现转亏为盈,取得200万美元EBITDA,按年上涨1000万美元。这也得归功于新管理层。
大华继显证券分析员表示,边境关闭与社交距离依然让云顶大马的营运环境充斥挑战。不过,大马业务正逐渐复苏,得益于强劲的人流量、高于预期的赌场收入以及营运成本降减有望拉高赚幅。
大华继显将云顶大马明年经调整EBITDA预测下修12%;银河联昌证券分析员则把2021年至2022年核心每股盈利调低2.9%至5.55%。
大华继显维持云顶大马的“买进”评级和3.10令吉目标价;银河联昌国际证维持“买进”评级,目标价从2.80令吉下调至2.70令吉;达证券维持“买进”评级,目标价从3.04令吉下修至2.93令吉。
https://www.orientaldaily.com.my/news/business/2020/09/14/363642
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