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大和:對濠賭股板塊看法正面 首選新濠國際(0200.HK)
格隆匯 11-06 17:05

大和發表行業報告指,目前投資者對濠賭股板塊轉持建設性的看法,認為其估值具吸引力,加上產品結構轉變及內地客滲透率主導的中場業務有所增長,帶動利潤率改善,這亦是板塊獲估值重估的關鍵,列新濠國際(0200.HK)為行業首選股,預期公司在中場及貴賓廳的市場份額均可持續上升,予以“買入”評級。

大和稱,大部分投資者認同未來九個月貴賓廳博彩收入(GGR)將會持續下跌,而目前亦有未見底跡象,因為香港是其貴賓廳客户博彩資金的主要來源地,若然香港示威活動持續至明年,相信貴賓廳博彩收入仍會持續下跌。至於中場業務方面,澳門國際機場擴建將成為提高中國東北部客户滲透率的關鍵,惟近期中場博彩收入料會受人民幣兑美元匯率波動影響。

該行續指,中美貿易摩擦有望達成和解協議緩解了美資賭牌營運商的壓力,維持對濠賭股板塊正面看法,並建議投資者挑選聚焦中場業務的營運商。

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