【行业研究报告】银河娱乐-2022年第1季度经调整EBITDA为5.75亿港元,低于预期

类型: 港股公司研究

机构: 国泰君安(香港)

发表时间: 2022-05-12 00:00:00

更新时间: 2022-05-13 12:10:37

GEG’stotal1Q2022netrevenuedecreased19.5%yoy(decreased13.7%qoq)toHK$4,100million,which
was1.5%aboveourforecast.GEG'sgamingrevenuedecreased24.8%yoy,whichmatchedthe24.8%yoy
decreaseinMacau’stotalgrossgamingrevenue(GGR)duringthequarter.GEG'sgamingrevenuedecreasedby
10.9%qoq,whichwasworsethanthesectorqoqGGRdecreaseof6.8%.Dynamiczero-COVID
strategy-inducedtravelrestrictionsandlockdownsinmultiplecitiesinmainlandChinaandpandemic-related
travelrestrictionstoMacaucontinuedtolimitvisitationandhindertheCompany’sresultsduring1Q2022.
travelrestrictionstoMacaucontinuedtolimitvisitationandhindertheCompany’sresultsduring1Q2022.
GEG’s1Q2022hold-normalizedadjustedEBITDAdecreased17.1%yoyand30.1%qoqtoHK$572million,
andwaslessthanwehadforecast.Hold-normalizedadjustedEBITDAremovestheeffectof"luck",the
fluctuationintheCompany'squarterlyVIPwinrate.1Q2022adjustedEBITDAdecreased33.1%yoyand44.9%
qoqtoHK$575million.Asat31March2022,cashandliquidinvestmentswereHK$35.0billion,netcashwas
HK$24.5billion,andtotaldebtwasHK$10.5billion,whichmainlyreflectsGEG’songoingtreasuryyield
managementinitiativeswithminimalcoredebt.
Wewilllowerourearningsforecastsandtargetprice(currentlyHK$52.00)inourupcomingCompany
Report.InadditiontotheCompany’sweaker-than-expected1Q2022results,wearenowmuchlessconfident
thatChina’sCOVIDstrategywillbesignificantly"scientificallyrelaxed"byearly2023.Inour1AprilGaming
SectorReport,wereportedthatChinahadtakenpolicystepsto"scientificallyrelax"itsCOVID-19policy.Atthe
time,weexpectedthatChinawouldcontinuetomakemeasuredincrementalstepstofurther"scientificallyrelax"
itsdynamiczero-COVIDpolicy,withsignificantrelaxationinearly2023.However,on13April,therewereseveral
mediareports,includingfromCCTV,indicatingthattherewillbenodeviationfromthedynamiczero-COVID
policy.Indeed,therehasbeennorelaxingofChina’sdynamiczero-COVIDpolicyinresponsetothesurgeof
COVID-19casesreportedinShanghai.WearenowmuchlessconfidentthatChina’sCOVIDstrategywillbe
significantly"scientificallyrelaxed"inearly2023.