《大行报告》大摩料濠赌股除澳博(00880.HK)外上季EBITDA均可录正数
摩根士丹利发表的研究报告指,料去年第四季澳门博彩股EBITDA应高於首季,虽然期内赌收相近,不过受惠收入组合改善加上削减成本措施见效,以及零售销售及租赁复苏,预期EBITDA将转正至将2.4亿美元。该行指出EBITDA转正主要是由於经营开支减低及收入组合改善等,去年第三季行业日均经营开支下跌38%左右,估计第四季跌幅类近,加上中场贡献扩大提振利润率,料贵宾厅的赌收贡献占比将由去年首季的42%降至末季的21%。该行估计,第四季贵宾厅收入按年跌83%,而中场仅跌62%。
大摩估计所有濠赌股除澳博控股(00880.HK)外,去年第四季EBITDA均录正数,当中银河娱乐(00027.HK)及及金沙中国(01928.HK)均受惠非博彩EBITDA表现,10月份该两企旗下渡假村的奢侈品商店销均录正增长。
该行永利澳门(01128.HK)10月及11月物业EBITDA介乎1,300万至1,500万美元,中场及贵宾厅分别达2019年第四季的47%及30%水平,而新濠的新濠影汇的博彩收入则为5,900万美元,相信去年10至11月已达到EBITDA收支平衡。
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