《大行報告》瑞銀下調澳門博彩股目標價 首選金沙中國(01928.HK)及銀娛(00027.HK)
瑞銀發表研究報告指,市場傳出多家博企將在月內停止與中介人合作,並關閉貴賓廳,相應地將博彩股2023年EBITDA預測平均下調3%,目標價平均降低7%。
該行認為,太陽城集團(01383.HK)主席周焯華被捕反映出監管當局將不再容忍中介人業務存在,預期隨著對營銷、收債及資金渠道的監管收緊,中介人角色已不合時宜,未來將不復存在,估計在疫情前,約80%貴賓廳業務及約5%至10%中場收入與中介人有關。
瑞銀預期,部分中介人貴賓廳需求將轉向利潤率更高的博企直營貴賓廳及高端中場細分市場,相信澳門政府優先考慮行業穩定發展,因此預期發牌結果最終向好,列金沙中國(01928.HK)及銀娛(00027.HK)為行業首選,評級「買入」,目標價分別下調至27.3及56.2元,詳見另表。
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