瑞銀:博彩行業估值上行潛力較大
澳門完成討論《修改第16/2001號法律〈娛樂場幸運博彩經營法律制度〉》法律草案,瑞銀香港策略師陳志立認為,公布的博彩法修改草案影響正面,應能消除過去幾個月的市場疑慮。
陳志立認為,任何一家企業失去牌照的可能性非常小。如果理論上現有持牌企業被新進入者所替換,則可能出現這一情景,但可能性也很低,原因包括現有土地租期比博彩牌照有效期更長。若現有持牌企業失去博彩牌照,它將繼續持有非博彩資產,這可能增加新進入者的經營難度;這可能令澳門出現不必要的不穩定性,如潛在裁員或非理性競爭;現階段無指定用於博彩的新增土地提供給新進入者;對新進入者而言,10年的牌照有效期以及需要從零開始積累客戶群,將對IRR構成挑戰。
由於監管影響呈正面,他預計行業估值上行的潛力較大。
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