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《大行報告》大摩:澳門2月賭收急跌為預期內 行業估值未反映短期盈測可能再下調
阿思達克 03-02 10:48
大摩發表的研究報告指,澳門2月份博彩收入為31億澳門元,按年跌88%,差過該行預期但與市場預期中位數一致,假設賭場關閉15日,餘下日子日均賭收約為2.22億澳門元,惟該行估計過去十日的賭收遠低於2月首五日,另外該行亦估計貴賓廳跌幅少於中場。該行指出3月份市場預期賭收將按年跌75%,反映博彩收入將為64億澳門元,日均賭收約為2.08億澳門元,相關預測亦意味2020年首季澳門博彩收入將按年跌58%至317億澳門元,賭場EBITDA僅達到收支平衡,認為市場有進一步下調盈利預測的風險,現時行業現價僅為2020年預測市盈率的16倍,而2021年企業價值倍數(EV/EBITDA)僅為10倍,認為2021年的估值相對便宜,但仍未反映短期盈利預測下調的可能性。
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