《大行報告》美銀美林:澳門第三季中場賭收升17% 賭股盈利前景穩固
美銀美林發表報告表示,澳門博監公布今年第三季貴賓廳及中場賭收表現,期內貴賓廳賭收按年下滑22.5%(按季跌10%),總體中場賭收按年升17%(按季增長2.5%)。該行指,經調整由貴賓廳轉至中場重新分類的影響後,料中場賭收仍然鞏固,錄按年增長11.7%,而經調整後貴賓廳賭收則按年跌21.8%(按季跌10.2%)。
該行認為,第三季貴賓廳賭股按季下滑,主要自7月份太陽城爭議事件的影響所致,至9月貴賓廳轉碼數已見回穩。
按該行渠道了解,金沙中國(01928.HK)、美高梅中國(02282.HK)及新濠博亞於第三季提升0.2%、0.5%及1.4%市場份額,而澳博(00880.HK)、銀娛(00027.HK)及永利澳門(01128.HK)則各流失市場份額0.3%、0.7%及1.2%。
美銀美林認為,濠賭股盈利前景穩固,可受惠於中場賭收雙位數字增長,雖然行業受到香港事件影響。該行料濠賭股今年第三季物業EBITDA錄24億美元,按季下滑4%(但按年升5%)。該行指濠賭股自中美爆發貿易戰後在區間水平上落,行業目前處於區間底部(估值相當預測2020年企業價值對EBITDA的10.4倍),低於長期平均值21%。
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