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《大行報告》高盛:澳門11月賭收符預期 憂較高營運成本及EBITDA復甦放緩
高盛發表報告指,澳門11月博彩毛收入160億澳門元,符合市場預期,相當於2019年疫情前70%,數據顯示11月20日至30日,日均博彩收入5.49億澳門元,較對上一個星期的4.86億澳門元上升,估計因為之前澳門賽車期間的人潮,令博彩人士迴避到訪澳門。 報告指,年尾假期將至,澳門繼續舉行多項演唱會及大型活動,銀娛(00027.HK)旗下澳門銀河綜藝館與愛奇藝(IQ.US)在綜藝節目方面進行合作,相關消息令市場關注非博彩的營運開支上升,六間博彩營運商第三季日均營運開支按季升6%,較2019年同期只低出5%﹐而博彩毛收入按季則上升9%,估計利潤率提升空間受限,只由第二季的28.1%提升至第三季的28.6%,而未來對營運開支及資本開支的承諾亦未明確,根據該行調查得悉,金沙中國(01928.HK)及永利澳門(01128.HK)將投資較多於資本開支,銀河娛樂及澳博控股(00880.HK)則投資較多於營運開支。 該行憂慮行業面對營運成本上升及EBITDA復甦放緩;並認為未來主導行業EBITDA預測的因素,是博彩及非博彩收入增長,估計2024及2025年行業EBITDA分別88億及97億美元,相當於2019年分別93%及104%,對銀娛、金沙、新濠博亞(MLCO.US)及澳博均持「買入」評級。
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