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大福证券：永利澳门业务逐步增长 评级买入
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[font=Times New Roman] [color=#000099]大福证券[/color]([color=red]5.87[/color],[color=red]-0.17[/color],[color=red]-2.82%[/color],[color=#000099]经济通实时行情[/color])[/font]
" v4 b4 @( [% _& A[font=Times New Roman] 永利澳门公布其2010年度上半年业绩，经营收益按年增加52%至101亿元，而经调整扣除利息、税项、折旧及摊销前盈利(EBITDA)则按年攀升75%至26亿元，纯利按年增加111%至19亿元。于纳斯达克市场上市的母公司Wynn Resorts已于7月底公布永利澳门的2010年第二季度经营数字，因此是次中期业绩的惊喜不多。[/font]
2 y* v- K. V8 O& O4 k[font=Times New Roman] 澳门博彩业的增长动力强劲，2010年上半年澳门博彩收入总额按年急升67%至859亿澳门元，永利澳门的贵宾赌台转码数亦按年跃升80%至3,256亿元，带动贵宾赌台毛收益达97亿元；赢率达2.97%，处于2.7%-3.0%的预期范围之内。由于永利澳门扩充及永利澳门的万利酒店开幕令业务规模扩大，截至6月底，该公司拥有234张贵宾赌台，较截至2009年12月底时的196张增加19%，估计于2010年度上半年占澳门贵宾博彩市场的16%市场份额。[/font]0 z% D, P0 H7 \! `& C
[font=Times New Roman] 该公司的中场赌台投注额按年增加10%至84亿元，赌台毛收益达19亿元，按年增幅为13%。赢率为22.5%，较预期范围19%-21%的上限超出1.5个百分点。该公司于两个市场分部的每张赌台每日毛收益总额按年增加41%至152,976元，较估计市场平均数91,125元高出约68%。于2010年度上半年，该公司平均经营417张赌台，占全澳门赌台总数近9%及博彩业赌台毛收益的15%。[/font]" _8 l; L$ U: g9 m4 P% a9 r
[font=Times New Roman] 万利酒店于4月中开业，其潜在贡献尚未于2010年度上半年内获全面反映。万利酒店新增37张贵宾赌台、24张中场赌台及69台角子机，以及414间客房及别墅，我们仍然看好万利酒店可缓和永利澳门赌台数量的压力，并进一步增强该公司在仲介人引介的贵宾博彩与直接贵宾博彩的增长。正如管理层于2010年第二季度表示，万利酒店的业务逐渐提升，且并无摊薄永利澳门的收益，该娱乐场内每名赌客的平均博彩时间有所增加，反映其具有潜质获得更多辅助收益。我们相信，万利酒店有待全面发挥潜质，其管理质素良好，应会受市场欢迎。[/font]
- d9 v# A) D. {! _) j3 q; I* O[font=Times New Roman] 按未调整基准计算，我们估计永利澳门于2010-12年度的EBITDA水平将分别按年增长58%、6%及5%，而短期内的EBITDA利润率则维持稳定。2010年度盈利跃升将主要来自该公司的规模扩充，以及在日益蓬勃的博彩市场中的自然增长，而万利酒店则可为该公司带来额外刺激。永利澳门位于路氹的渡假村胜地项目最早将于2014年开业，在此之前，竞争对手在路氹的项目开业，或会影响永利澳门的增长前景，对公司整体构成压力。[/font]6 V( Q+ X" \$ n
[font=Times New Roman] 该股现时的股价相当于2011年度企业价值对EBITDA比率约13倍，较其同业的估计平均估值有所溢价，我们对该股的前景仍保持适度乐观的看法。该公司拥有卓越的管理层团队，加上万利酒店的业务逐步增长，中至长期而言，将可加强该公司的实力。[/font] |
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