《大行报告》大和料大部份濠赌股上季经调整物业EBITDA回复正数 对行业正面
大和发表研究报告指,澳门博彩营运商将陆续公布去年第四季及全年业绩,预期开始可见到业务复苏,预计第四季度澳门博彩业经调整的物业EBITDA按年跌94%至2.4亿美元,恢复正数。估计除澳博控股(00880.HK)外,所有濠赌股经调整物业EBITDA都将回复正数。
该行指,尽管澳门访客量增长有所放缓,内地旅客12月访澳人次达60.6万,11月及12月份平均每日入境的内地旅客分别为19,617及19,577人,反映恢复速度有所放缓,但从途径上有所改变,更多旅客乘坐飞机到澳门,代表旅客来自更远的城市,停留时间亦更长,12月澳门高端奢侈品销售按年录得增长。大和指出,即使访澳人次未有增加,但旅客消费质量有所改善,认为高端中场正在带领复苏。
大和建议投资者关注以高端中场为发展重心的濠赌股,看好金沙中国(01928.HK)的新项目澳门伦敦人及四季名荟,予「买入」评级;并看好银河娱乐(00027.HK),给予「跑赢大市」评级。
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