《大行報告》瑞信對濠賭股維持審慎 輕微調整目標價
瑞信發表研究報告指,澳門博彩行業第二季表現較預期中弱,博彩收入按季上升7%,達到疫情前2019年同期的35%,高於首季的31%。預期受惠假期休閒娛樂需求推動,中場博彩收入按季增14%,而貴賓廳博彩收入則按季跌11%。
該行指出,由於基數較低,預料期內EBITDA將按季增長39%,達2019年同期的約13%。瑞信認為,第二季行業受疫情再爆發所影響,預期即使港澳未來放寬通關,措施限制眾多相信對刺激行業作用不大。
瑞信料金沙中國(01928.HK)於第二季取得更多休閒業務相關市場份額;永利澳門(01128.HK)中場市佔率亦提升,但有部分被貴賓廳表現疲弱所抵消;澳博(00880.HK)市佔率大致穩定;而新濠國際(00200.HK)、美高梅中國(02282.HK)與銀娛(00027.HK)因高端需求弱,份額則有所下降。
該行將2021至2023年博彩收入預測輕微調整(跌4%至升4%),對濠賭股維持審慎看法,行業整體目標價微調1%,其中銀娛目標價由65.4元升至65.7元,美高梅中國由9.2元降至9.1元。
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