《大行報告》花旗料澳門明年賭收可按年增19% 但普遍下調濠賭股目標價
花旗發表研究報告指,澳門第三季賭業EBITDA恢復到疫情前水平的約80%。然而,過去數個月,濠賭股一直受到中國經濟疲弱影響奢侈品消費、針對玩家激勵措施展開價格戰等的影響。該行認為,行業明年的收入仍有很大增長空間,基本面仍有長期價值。該行的首選股包括銀娛(00027.HK)、金沙中國(01928.HK)。拉斯維加斯金沙集團(LVS.US)仍然是其全球首選。
該行預期,澳門明年賭收按年增長19%至2,160億澳門元,前提是澳門的旅客量需要恢復,即與今年第三季同樣恢復至疫情前85%,而且每位玩家的博彩支出需與今年持平,及在澳門停留的時間略為上升。假設屆時賭收可以增加19%,現時相關估值意味投資者估計營運開支將較今年第三季的年化水平增長58%。
該行將大部分濠賭股的目標價下調了2至27%。當中,銀娛的目標價保持不變,仍然是70元;金沙中國由35元降至29元。拉斯維加斯金沙集團的目標價則由79美元下調至75美元。
花旗發表研究報告, 對濠賭股投資評級及目標價表列如下:
股份 | 投資評級 | 目標價(港元)
銀河娛樂(00027.HK) | 買入 | 70元
新濠國際發展(00200.HK) | 買入 | 10元 -> 7.3元
美高梅中國(02282.HK) | 買入 | 14元 -> 12元
金沙中國有限公司(01928.HK) | 買入 | 35元 -> 29元
澳博控股(00880.HK) | 買入 | 3.55元 -> 3元
永利澳門(01128.HK) | 買入 | 9.65元 -> 7.9元
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