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《大行报告》摩通料金沙(01928.HK)在行业逆境下处最佳位置 同业中杠杆最低
阿思达克 06-04 14:37
摩根大通发表研究报告,随着债券看起来具吸引力,认为金沙中国(01928.HK)在现时孳息曲线看来,与其他澳门同业及美国母公司债券相比具有吸引力。博彩业的前景仍有不确定性,旅客及赌彩收入现时维持疫弱,因此该行将会在未来数季监察复苏的进程。

然而,相比同业,债券的价格看起来合理。穆油确定其债券Baa2评级,及「负面」前景;而惠誉则仍维持「正面」投资展望。所有的评级机构都有关注今年的经济放缓,并看重明年的复苏。该行认为,从基本面上金沙中国於行业逆境下,在澳门博彩业综合体中处於最好位置。相比其他澳门濠赌股,其下行风险似乎已经反映在价格之中。

摩通认为,濠赌股在今年相当艰难,因为旅游出行仍受到限制。该行对复苏的假设会较市场预期更保守。因此,预期公司的负自由现金流约15亿美元,净杠杆率在2021前升至约3.5倍,但公司在同业中杠杆仍属最低。

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