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《大行報告》摩通下調澳門今年賭收預測 降博彩股目標價
阿思達克 02-26 09:52
摩根大通發表報告表示,預期澳門賭收於今年首季將按年跌55%至41億美元(料2月及3月各大跌90%及70%),第二季按年跌35%至60億美元,第三季料會開始穩至80億美元(仍跌-8%),第四季才見增長5%(94億美元),即估計澳門今年賭收將按年跌24%至275億美元),較未有新型肺炎疫情前有大幅下調。 該行料,濠賭股盈利跌幅會較收入為大,因成本增加,料今年EBITDA亦會跌30%,經調整EBITDA會於首兩季跌分別80%及45%,是歷史新低,而股價需視乎疫情發展和賭收表現。 摩根大通預期,明年行業會有U型轉向的表現,相信這兩年的情況都未能反映基本面,目前對明年的表現只降2% EBITDA,而賭收及EBITDA盈利於2019-21年的年複合增長率分別為5%及9%。 該行表示,下調對金沙中國(01928.HK)目標價由47.4元降至45元,維持「增持」評級;調低對銀河娛樂(00027.HK)目標價由70元降至68.5元,維持「增持」評級。 摩根大通表示,新型肺炎疫情影響,目前仍未知時間性,相信轉捩點為中國回復自由行簽證、及中國宏觀經濟如何受影響。該行指,預期新型肺炎疫情將影響上半年銷情,但維持看好下半年至明年之盈利表現。
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