Bocom International sell ratings for Galaxy Entertainment 法拉利599gto

Bocom International: given the Milky Way entertainment sell rating hot column capital flows thousands of thousands of stocks the latest Rating Rating diagnosis simulated trading client sina finance App: Live on-line blogger to tutor Hong Kong level2 market mechanism through the Milky Way entertainment announced 4Q15 EBITDA cards QoQ 18% to HK $2 billion 500 million, or net based on luck more than 5% growth factors. The overall 4Q15 EBITDA profit margin also expanded to 18.6% (3Q15:17.1%), partly due to the operating cost savings of HK $500 million in 2015, and the management expects the 2016E operating costs to be saved by HK $300 million. However, whether this momentum extends sufficiently to 2016E, we think it is too early to conclude, considering that new casinos will be opened later this year, and the market share will decline. More importantly, we focus on the VIP EBITDA will further decline, especially 4Q15 results reflect the VIP Hall to the public hall transition failed to compensate for the income gap, we maintain the Milky Way entertainment 2016E EBITDA 11% year decline forecast, the equivalent of 12.5x 16E EV EBITDA, and the historical average level of agreement. We believe that once the market realizes that galactic entertainment is no longer enjoying a rapid growth in the past, the company will suffer a decline in risk rating. We maintain the "put" rating, the target price of HK $20.50, equivalent to 10x 2016E EV EBITDA, the valuation range of -1 SD. (both) go into Sina Finance shares

交银国际:给予银河娱乐沽出评级 热点栏目 资金流向 千股千评 个股诊断 最新评级 模拟交易 客户端 新浪财经App:直播上线 博主一对一指导 港股level2行情 翻看机构底牌   银河娱乐公布 4Q15 EBITDA 环比增长 18%至 25 亿港元,或在扣除幸运因素的基础上环比增长 5%。整体 4Q15 EBITDA 利润率亦扩大至 18.6%(3Q15:17.1%),部分是由于 2015 年实现了经营成本节约 5 亿港元左右,管理层期望 2016E 经营成本额外节约 3 亿港元。然而,这种势头能否充分延伸到 2016E,我们认为目前下结论为时尚早,考虑到今年稍后时间有新赌场开业,市场份额或会下降。更重要的是,我们关注贵宾厅 EBITDA 会否进一步下降,尤其是 4Q15 业绩反映贵宾厅向大众厅过渡未能弥补收入差距,我们维持银河娱乐 2016E EBITDA 11%的同比降幅预测,相当于 12.5x 16E EV EBITDA,与历史平均水平一致。我们认为,一旦市场意识到银河娱乐不再享有过去取得的快速增长,公司或会出现风险评级下降。   我们维持“沽出”评级,目标价 20.50 港元,相当于 10x 2016E EV EBITDA,较估值区间-1 SD。(双双) 进入【新浪财经股吧】讨论相关的主题文章:

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