《大行報告》匯豐研究升銀娛(00027.HK)評級至「買入」 下調濠賭股目標價
匯豐研究發表報告,指因應澳門有四名本地居民確診,澳門特區政府短暫關閉部分娛樂場所,並進一步收緊內地旅客入境檢測限制。濠賭股日前遭到沽售,較新聞前平均跌幅約5.2%,相對恆指則升0.9%。該行降所覆蓋七隻濠賭股2021至2023年收入預測分別11%、8%及8%,期內EBITDA則分別降23%、10%及10%,以反映復甦不確定性加劇。
該行稱,濠賭板塊目前估值相當於未來一年企業價值對EBITDA約15倍,較平均值18倍為低,部分賭業股股價是2020年以來最低,相信市場情緒短期會維持疲弱,因短期未有重開的可見性。不過報告相信政府的全民檢測和防控措施,都可以令疫情在本月內受控。倘9月及10月入境旅遊改善,需求復甦或有潛在驚喜。
匯豐研究又指出,賭業股均有穩健資產負債表,有助渡過不確定的時間,在計算各項數字後,相信即使沒有收入,博彩經營商仍可營運16至63個月。匯豐研究在應用新市場模型假設後,平均下調濠賭股目標價12%,看好金沙中國(01928.HK),並上調銀河娛樂(00027.HK)投資評級由「持有」升至「買入」,另降新濠博亞(MLCO.US)評級由「買入」下調至「持有」。詳細投資評級及目標價見另表。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
![](/hk/assets/image/code.84ab0b.png)
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.