大和:料澳門博彩中介監管或與新加坡相若,看好金沙中國等股
大和發表研究報吿指,澳門的博彩中介監管可能與新加坡相若,認為這是全球最嚴格的博彩中介規定之一。有投資者關注澳門貴賓廳博彩收入會否跌至零,該行認為中介的退出對行業2022-23年EBITDA的影響較小,與市場預期一樣。該行預期,貴賓廳佔總賭收比例將在6月份公佈新法例後20年仍能達5-10%,不過預期今年僅佔2.9%,明年佔6%。
大和預期,中介問題將只對金沙中國(1928.HK)、銀娛(0027.HK)、新濠博亞、美高梅中國(2882.HK)及永利澳門(1128.HK)2022年經調整EBITDA造成1-2%的影響。另外下調澳博(0880.HK)2022年經調整EBITDA預測7.6%,並將目標價由6.7港元下調至6.4港元。
大和預期,金沙中國、美高梅中國及永利澳門3家美資運營商都能夠更好地應對從與“澳門式”中介合作到國際認可的中介的過渡,因此他們將在提升國際化方面超越其他3家運營商。該行看好金沙及銀娛。

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