星展发布研究报告称，下调对银河娱乐(00027)目标价，由55.22港元降至45.2港元，但仍维持予该股“买入”评级。

报告称，澳门去年博彩毛收同比升23.9%至2,270亿元澳门币。基于访澳旅客持续增长，以及银娱强劲业务基础及新酒店与娱乐产品线，相信银娱今年市占将同比升1个百分点至20%，令EBITDA利润率升至近30%。该行认为公司策略在增加非博彩提供，包括娱乐及餐饮体验，应继续吸引更多旅客及强化客户忠诚度。

该行又指，银娱在博彩股中流动性状况最佳，净现金逾150亿元及每年经营现金流逾100亿元，应足够支持持续投资，包括未来十年投资280亿澳门元强化综合渡假村，主要为可进一步提振市占的非博彩项目。

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