《大行报告》美银证券:粤港澳准备好重新通关 濠赌股估值吸引
美银证券发表的研究报告指,4月份到访澳门的旅客按年跌99.7%,跌幅与3月比较有所扩阔,主要是因为针对香港及国内旅客的旅游禁令自3月25日开始,该行相信5月访澳旅客跌幅有望收窄,因为边境正准备回复正常,而现时亦已容许居住於珠海但在澳门工作及读书的工人和学生过境。
该行指出4月份内地旅客跌99.6%至1.05万人次,同时拱北的人流亦跌99.6%,个人游旅客则跌近100%,而其他旅客亦按年跌99.2%。来自内地的过夜旅客则按年跌99.6%,当日往返旅客则跌99.7%。而来自广东、上海及北京的旅客则分别跌99.5%、99.9%及99%。期内搭飞机到澳门的旅客跌近100%。来自香港的旅客亦跌近100%。国际旅客跌幅更大,因为澳门自3月18日起禁止海外护照持有人访澳,期内来自韩国、日本及美国的旅客数字均为零。
该行相信澳门、广东及香港已准备放宽关口管控,而三地政府亦正积极商讨相关事宜,由於澳门已逾40天无新增新型冠状病毒个案,而广东於过去21天内有20天零确诊,香港於过去26天内有19天零确诊。澳门政府相信已接近可重开关口的情况,但暂未有具体时间表,而部分重开关口的条件包括是需要到访旅客参与澳门健康码系统,并於到访澳门前或到达时进行核酸测试等。
该行认为澳门博彩股现价相当於2021年EV/EBITDA约11.1倍,估值吸引,较长期平均值低约16%,认为长远而言行业可继续复苏,估计仍有机会获重估。
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