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大摩:上调银娱目标价至39.5港元 评级“与大市同步”

Damo: The target price of GEG was raised to HK$39.5 to “keep pace with the market”

Breakings ·  May 23 14:17
According to a research report published by Morgan Stanley, GEG raised its EBITDA forecast by 2% due to a slightly higher midmarket share for the 2024 fiscal year. To reflect GEG's average interest rate for the second half of fiscal year 2023, the bank also raised the company's net interest income for fiscal year 2024 and raised its earnings forecast per share by 5% to HK$2.14. Based on the high cost assumptions of GEB, Damo raised the company's EBITDA forecast for the 2025 and 2026 fiscal years by 0.5% and 1%, respectively. At the same time, earnings forecasts per share for the 2025 and 2026 fiscal years were raised by 3% and 1%, respectively, to HK$2.68 and HK$2.88. The bank's EBITDA forecasts for the 2024-2026 fiscal year were 6%, 4%, and 7% lower than market consensus, respectively. Furthermore, Damo said that after the opening of the third phase of the GEG project, the market was disappointed by the increase in the company's midmarket share. Furthermore, there are signs that GEG's market share may be changing, and that its Capella Hotel will open in the middle of next year, which will help the company increase its market share. The bank raised the target price of GEG from HK$38 to HK$39.5, giving it a “in sync with the market” rating.

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