大和:重申對博彩行業正面看法,推薦銀河娛樂(0027.HK)
大和發表研究報吿指,澳門博彩總收入(GGR)在五一黃金週後大幅減弱,本月迄今的平均每日費率(ADR)為1.4億澳門元。澳門政府在博彩法修訂法案中放軟態度很可能改善市場情緒,同時GGR的復甦仍未明朗。該行下調5月ADR預測,料將處於1.1億至1.3億澳門元,重申對博彩行業看法正面。該行推薦銀河娛樂(0027.HK),認為公司具有強勁資產負債表以應對新冠疫情。
該行表示,本月迄今的GGR表示遜色,除了是由於有限度的簽證恢復,還包括頻繁變化的強檢要求、對曾感染新冠肺炎人士實施更嚴格的措施、中國國家移民管理局對中國公民的非必要出境旅行實施更嚴格限制。該行認為,持續復甦仍然遙遙無期,重申確診數量降至接近清零或政策好轉之前,不太可能出現實質性的通關催化劑。
至於修訂後的博彩法草案,大和指,據報澳門政府提出不再要求衞星賭場在特許經營商擁有的場所經營,及對2個税收組成部分的GGR作税收減免,以換取引進外國客户。該行相信前者有利於澳博(0880.HK),因為這將消除關鍵而未決的問題;惟後者可能難以獲得通過或實施,不過,提案清楚地表明政府對行業長期增長和博彩客户羣多元化的支持。
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