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《大行報告》瑞信下調濠賭股目標價15-60% 降澳博(00880.HK)、美高梅中國(02282.HK)及永利澳門(01128.HK)評級至「中性」
瑞信發表研究報告,表示澳門博彩行業估值不高及潛在複蘇保持樂觀,但同時指出行業存在不少隱憂,包括內地維持疫情清零方針,導致行業復甦高度不確定;以及宏觀經濟疲軟損害終端需求,封城措施下中小企面對經營壓力等,都將影響賭收增長。 同時,太陽城及德晉集團博彩中介人業務停擺,為行業帶來潛在索償風險,該行估計賭場營運商有300億至500億港元資金被凍結。 該行預期,今年第三季每日博彩總收入將回升至2.47億澳門元,並於第四季升至4.06億澳門元,預期2024年中場賭收可恢復到2019年水平的98%,貴賓廳賭收則料保持在2019年同期水平的約三分之一。因應最新賭收預測,瑞信將濠賭股EBITDA預測下調19%至53%,目標價則下調15%至60%。 瑞信表示,較看好貴賓廳業務風險敞口較低及資產負債表較強勁的股份,選股排名分別為金沙中國(01928.HK)、銀河娛樂(00027.HK)及新濠國際(00200.HK),並將澳博(00880.HK)、美高梅中國(02282.HK)及永利澳門(01128.HK)的投資評級降至「中性」。
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