瑞信:澳門第三季中場賭收穩固 濠賭股基本面持續回穩
瑞信發表的研究報告指,澳門公佈第三季博彩收入數據,其中未經調整中場賭收按季增長2.5%,按年則升19%,而貴賓廳賭收按季跌10.2%,按年則跌22%。該行認為第三季行業經調整的中場博彩收入按年增長12%至14%,表現維持穩固,亦稍為好過預期。儘管受香港部分活動影響,組團訪澳數目有受影響(大約15%的訪澳旅客是來自香港),中場表現仍維持韌性,增長約在10%左右的水平,認為對於通常直接到訪澳門的賭客而言影響不大,而受惠本地消費改善,相信賭客消費亦有支持。
該行指出,連續來看,中場賭收按季增長2.5%,大致符合第三季的季節性情況,如細讀按月趨勢,該行估算中場賭收自6月至9月增長逾10%,而中場增長按年計算亦維持在10%的水平。而在貴賓廳業務方面則受宏觀不確定性以及澳門中介人停止海外代理博彩業務所影響,但由於中場增長穩健,故料對博彩企業盈利影響有限。
瑞信認為,雖然短期不確定性的陰霾仍在,但認為基本面持續回穩,加上高利潤的中場業務表現不錯,第三季增長達14%,有望支撐盈利表現,該行認為行業現價已部分反映負面因素,建議投資者逐步增持新濠博亞,認為公司在第三季市佔有所提升,而盈利預測亦有提升的可能性。
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