《大行報告》美銀證券下調濠賭股目標價 降永利澳門(01128.HK)評級至「跑輸大市」
美銀證券發表研究報告指,澳門賭股自4月尾起跌近24%,跑輸大市17%,主因廣東爆發變種新冠疫情,令市場擔心高端中場復甦表現,行業現價估值相當於2022年11.6倍的EV/EBITDA,相信已反映大部分負面因素。
該行預期今年賭收收復甦至2019年46%,明年恢復到86%(明年下半年全面復甦),相信邊境開放為仍然是復甦關鍵。雖然受變種病毒的困擾,但預期接種率上升,有助中港澳在下半年放寬邊境措施,將會成為轉捩點。短期而言,取消與廣東的旅遊限制、暑假的賭收表現改善、第二季的良好表現,都有助減低下行風險。看好銀娛(00027.HK)、金沙中國(01928.HK)、澳博(00880.HK),但降賭股目標價約14%,同時降2022年EBITDA預期8%,以反映較緩慢的復甦。因應永利澳門(01128.HK)在貴賓廳的佔比最高,而且缺乏新項目,評級由「買入」降至「跑輸大市」。
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