瑞銀:下調賭業股目標價 首選金沙中國及銀娛
瑞銀髮表研究報吿指,澳門賭股自新法例諮詢文件出台後跌22%,撇除不太可能出現的極端情況,在四個情景分析下,料股份走勢會在跌68%至升105%之間。瑞銀降賭業股2023年EV/EBITDA倍數,由12.5倍降至10.1倍,目標價平均下調24%,全部維持“買入”評級,當中較看好金沙中國(1928.HK)和銀河娛樂(0027.HK),並列行業首選。
該行相信澳門政府希望確保行業穩定性,因行業在過去五年為財務收入貢獻約80%,以及佔固定資本形成總額(GFCF)的40%,目前博彩税已足夠覆蓋財政開支,投資回報亦足以支持鼓勵非博彩投資,因此相信維持現狀或温和收緊的可能性較高。
該行表示,新法例諮詢期原訂為45天至10月29日,政府之後將推出概括文件,預期在11月發表的施政報吿中會提供更多詳情。
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