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《大行報告》匯豐研究:調整濠賭股目標價 在低期望中尋找機會
匯豐研究發表研究報告,將2023至2025年澳門博彩收入預測上調2%至4%,並將中場賭收預測上調2%至6%,目前預期今年全年賭收將恢復至2019年約77%水平,即按年增長24%。當中,中場博彩收入將超越疫情前水平,較2019年增長14%,而貴賓廳及老虎機則分別恢復至23%及94%。 至於2025年,該行預測澳門博彩收入將按年增長8%。匯豐研究建議,要在市場較低的期望中尋找潛在投資機會,指出除今年實現盈利的澳博(00880.HK)及新濠博亞娛樂(MLCO.US)外,其餘濠賭股現價水平為今明兩年預測市盈率的13.2倍及10.8倍,相信投資者低估息口下降所帶來的利息成本節省,以及其潛在上升空間。 當中匯豐研究認為永利澳門(01128.HK)及金沙中國(01928.HK)風險回報狀況最好,維持「買入」評級,目標價分別為8.9元(原本8.5元)及33元(保持不變)。考慮到市場預期並不高,匯豐研究給予美高梅中國(02282.HK)及銀娛(00027.HK)「買入」評級,目標價分別上調至14.5元,及下調至52.5元。
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