高盛:停運賭場對澳博(0880.HK)及美高梅(2282.HK)EBITDA影響較大
高盛發表報告表示,對於澳門政府日前宣佈賭場暫停營業半個月,估計對今年賭收有3%至4%、EBITDA有5%至6%的負面影響,且該行早前已將今年澳門賭收預測下調至按年下跌9%,當中上半年料按年跌31%。
該行認為,估計賭場額外停業多一週可能會使其預測EBITDA再降低2%至3%。報告補充,在收益組合、成本結構及營運效益等因素下,相信澳門停運賭場對澳博(0880.HK)
及美高梅(2282.HK)EBITDA影響較大,主因其較低的盈利能力及效率,EBITDA利潤率分別為10%及21%(同業平均為23%)。
整體而言,該行認為2021年濠賭股相對吸引,明年平均企業價值倍數為10.8倍,予澳博、金沙中國(1928.HK)
、銀河(0027.HK)
及永利澳門(1128.HK)
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