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《大行報告》高盛全線下調濠賭股目標價 但看好澳博、金沙及銀娛長線增長
阿思達克 10-06 10:03
高盛發表研究報告,指在過去數月,多國邊境和和旅行重開,亞洲旅遊相關股份已因本地旅遊開始復甦,不過濠賭股卻未有跟隨,因賭收主要來自其他地區的賭客。隨著新冠疫情的發展仍未明朗,相信旅遊限制仍然會持續。

該行指,中國政府致力打擊利用地下銀行或其他渠道的資本外流,影響貴賓廳賭收的增長,不過相信亞洲賭業會在2022年完全復甦,但步伐會較溫和,而依靠本地客的市場將會有更快復甦。高盛指是次的情況與2014至2015年,中國政府反貪不同,是次影響主要來自供應面,即將資金由中國轉至離岸戶口,令中介人在信貸方面更審慎,同時令中介人開始改變其業務模式。

該行表示,因應中國賭客資金未能外出,但可准許經合法渠道前往澳門,故相信澳門可以重獲更多市場份額,看好澳博(00880.HK)、金沙(01928.HK)及銀娛(00027.HK)長線增長。而在亞洲市場整體方面,預期2021年賭收會為530億美元,其中貴賓廳和中場分別較2019年跌29%及13%;而2022年,賭收可至630億美元,與2019年水平相若。該行料澳門2020年至2022年賭收預測各為95.69億美元、296.52億美元及361.34億美元(對比2019年賭收361.24億美元)。

高盛表示,重申對澳博「確信買入」名單,下調目標價由12.9元降至11.9元,維持對金沙中國「買入」評級,將目標價由41.4元降至37.6元,維持對銀娛「買入」評級,將目標價由74.8元降至67.2元。

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