《大行報告》瑞銀:博彩法修正案對行業強烈正面 有巨大重估潛力
瑞銀發表研究報告指,澳門政府公布對博彩法的建議修訂草案,大致符合該行預期,當中建議發出最多6個賭牌,許可期限由20年減少至10年,並提出澳門永久居民出任的常務董事佔股比例增至15%,牌照實體最低資本額要求增至50億澳門元。
瑞銀表示,草案建議不調整稅率,將博彩稅率維持在35%加5%不變,並放棄早前引入政府代表的提議,股息分配則從先前提議的批准程序轉向通知程序,該行認為屬當局較寬鬆的控制方針,相信隨著監管透明度提高,修正草案可成為博彩行業強力催化劑。
對於當局加強對中介人及衛星賭場的監管,該行指出不感到意外,認為市場已計及貴賓廳收入大幅下降的假設。瑞銀指,50億澳門元的最低資本要求,可能對銀娛(00027.HK)以外的企業構成挑戰。
瑞銀指,現時博彩行業2023年預測EV/EBITDA比率僅為7.6倍,處於歷史新低,預期監管憂慮完全消除後,行業可能會出現約30%反彈,有巨大重估潛力。
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