《大行報告》花旗引述新濠(00200.HK)料博彩市場復甦時間較預期長
花旗發表的研究報告指,新濠(00200.HK)管理層在業績後的電話會議中指出,相信疫情受控後,市場需求最終會向上,並預期或會失去2020年逾半的時間,意味澳門或需要更長時間才會見到復甦。管理層相信毋須個人遊簽證就能進入澳門的貴賓廳客戶會最先回歸,而中場業務則會在個人遊及旅行團恢復後開始復甦。管理層亦指出,2020年公司有好的開始,1月初其市場佔有率達到有史以來最高,而現時公司在澳門的日均經營開支約為250萬美元,而正常日均經營開支水平約為300萬美元。
該行認為現時仍未知疫情何時可獲解決,現時估計上半年澳門博彩收入將跌至每日4.5億澳門元左右,假設旅遊禁令可在年中解除,下半年需求增將帶動復甦。該行估計下半年博彩收入增長的上調幅度,不足上半年下調幅度的一半,導致該行將新濠2020年EBITDA預測下調22%,盈利預測亦降54%。
該行分別將公司2020年及2021年盈利預測削18億港元及2.8億港元,以反映對公司最新的盈利預測,目標價由29港元降至22港元,維持「買入」評級。(el/u)
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