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《大行報告》瑞銀升金沙中國(01928.HK)評級至「買入」 全線升濠賭股目標價
阿思達克 06-05 14:42
瑞銀發表研究報告,維持對澳門賭業正面看法,並平均將濠賭股的目標價升18%,以反映賭收潛在復甦的可見度上升,以及流動性風險降低。

該行稱,新冠緊急回應等級下調,及廣東、澳門及香港之間協商「旅遊泡泡」為濠賭股短期潛在復甦帶來更高可見度。該行料個人遊將於6月至7月局部重啟,並由廣東開始。至於流動性風險方面,濠賭股首季業績在流動性狀況已勝預期。

瑞銀上調濠賭股估值基礎,板塊明年目標企業價值對EBITDA比由9.8倍上調至11.4倍,仍較長期均值12.5倍低出0.5個標準差。該行升金沙中國(01928.HK)評級,由「中性」上調至「買入」;永利澳門(01128.HK)亦由「沽售」上調至「中性」;維持澳博控股(00880.HK)、銀河娛樂(00027.HK)「買入」評級;並維持新濠國際發展(00200.HK)及美高梅中國(02282.HK)均予「中性」評級。目標價見另表。

該行又稱,預期未來旅遊需求強勁,但未來簽證數目限額、保持社交距離措施預期會持續,故對一些有較大物業空間的賭企會更有優勢,如銀娛、金沙和新濠;如果首階段開放僅限於廣東省和香港,則相信中場表現會較貴賓廳好。

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