《大行報告》瑞信降永利澳門(01128.HK)評級至「跑輸大市」 目標價下調至10.9元
瑞信發表研究報告指,受惠復甦有望以及行業正面消息,澳門博彩業表現穩健,而行業正轉向更具可持續性的大眾化市場,但認為復甦之路或較艱鉅,雖然投資者有很高期望,但該行仍料短期有風險。
該行稱,長遠對澳門看法正面,繼續認為永利澳門(01128.HK)有較強的品牌,定位針對高端需求,到相關需求出現的時候亦有助留住高端客。該行將公司2020至2021財年盈利預測降各69.6%及31.7%,將目標價由16.9元降至10.9元,評級由「跑贏大市」降至「跑輸大市」。
瑞信指,出疫情後澳門博彩業存在結構性轉變,一來針對境外博彩及跨境資金流動有較嚴格的管控,而貴賓廳業務顯著收縮將拖慢復甦,加上由中場帶動的復甦或會降低賭場的盈利能力,同時市場亦需要較長時間應對新供應,估計自由現金流產生將較慢,在牌照方面的因素,短期相信會繼續在2021年為估值帶來壓力。
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