金吾财讯 | 麦格理发表研报指，金沙中国(01928)第四季博彩收入按年下跌4%，按季亦跌3%，虽然优于该行预期，但较市场共识低5%。期内博彩收入佣金占比按季下降0.7个百分点，并且是连续第二个季度下降，显示澳门促销环境已见稳定，公司管理层亦专注于EBITDA，在再投资方面亦保持纪律。该行表示，金沙中国上季的购物中心收益按年下降13%，主要由于租金分成大幅下降55%，显示澳门高端零售持续疲弱。管理层认为，今年租户组合改善应该能支持购物中心的表现。另外，澳门伦敦人预计会于第二季全面重开，预计到5月所有1,500间套房及905间客房将投入使用。该行将金沙中国2024至2026年的盈利预测分别上调0.1%、1.8%及2%，以反映更高的博彩收入以及收入预测，但部分被调整后EBITDA利润率降低所抵销。因此，目标价上调2%至25.8港元，维持金沙中国“跑赢大市”评级。
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