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《大行報告》德銀料濠賭股觸底及上調評級至「中性」升金沙及銀娛評級
阿思達克 06-10 15:29

德銀發表的報告指,澳門博彩業已進入其下行週期的第四階段,認為基本面轉差情況已趨穩,但外部因素仍拖累其估值低於歷史平均,該行預期未來數月貴賓廳博彩收入將按年下跌,但下跌速度將較今年以來有所減緩,而中場博彩收入將維持強勁。

德銀指出現時市場對今年澳門博彩收入預測已削至跌1%,認為看法現實,而該行則預測今年澳門賭收將按年跌2%。自2018年中以來,澳門博彩股已跑輸MSCI香港指數38個百分點,隨著基本面回穩以及大部分風險已反映在股價上,該行將濠賭股評級由「減持」提升至「中性」,將銀河娛樂(00027.HK)及金沙中國(01928.HK)評級由「沽售」升至「持有」,維持新濠博亞為其首選,認為新濠博亞次季市場佔有率增長強勁。該行認為行業已見底,但強調並未完全轉向樂觀,因為即使在下行週期第四階段仍有很多風險及不確定性。

該行指出在2014-15年的下行週期,澳門博彩股跑輸MSCI香港指數的情況在2015年第三季見底,但直至2016年第三季濠賭股方見可持續的復甦,主要因為受季節性因素影響投資者當時未能確定是否進入復甦。(el/u) ~

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