《大行報告》摩通料金沙(01928.HK)在行業逆境下處最佳位置 同業中槓桿最低
摩根大通發表研究報告,隨著債券看起來具吸引力,認為金沙中國(01928.HK)在現時孳息曲線看來,與其他澳門同業及美國母公司債券相比具有吸引力。博彩業的前景仍有不確定性,旅客及賭彩收入現時維持疫弱,因此該行將會在未來數季監察復甦的進程。
然而,相比同業,債券的價格看起來合理。穆油確定其債券Baa2評級,及「負面」前景;而惠譽則仍維持「正面」投資展望。所有的評級機構都有關注今年的經濟放緩,並看重明年的復甦。該行認為,從基本面上金沙中國於行業逆境下,在澳門博彩業綜合體中處於最好位置。相比其他澳門濠賭股,其下行風險似乎已經反映在價格之中。
摩通認為,濠賭股在今年相當艱難,因為旅遊出行仍受到限制。該行對復甦的假設會較市場預期更保守。因此,預期公司的負自由現金流約15億美元,淨槓桿率在2021前升至約3.5倍,但公司在同業中槓桿仍屬最低。
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