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《大行報告》摩通上調澳門賭業股評級及目標價 首選金沙中國(01928.HK)及澳博(00880.HK)
阿思達克 02-09 09:58
摩通發表的研究報告,將澳門博彩股評級全部轉為「增持」(之前五間「中性」、一間「增持」),目標價亦全線上調,認為行業風險回報轉向利好,或有機會追落後,相信農曆年表現令人失望或有助澳門博彩股清除障礙並正面回饋,首選金沙中國(01928.HK)及澳博控股(00880.HK)。

該行指出現時市場預期較低,而投資者氣氛亦冷淡,但估計農曆年後重開需求或已見底,之後有機會出現好消息,包括是香港關口重開及疫苗注射等,認為現時行業的企業價值倍數僅12倍,低於長期平均的13-14倍,如明年利潤回復正常,料將有可觀的重估空間。

摩逍認為市場對去年9月份賭場重開有太大期望,最終博彩收入表現及每股盈利下跌的情況令投資者失望,但該行認為未來數周農曆年表現遜預期及企業公布去年第四季盈利等,意味不利因素已清除。之後或料會有好消息,包括是容許跨省旅遊,而確診個案如降至低雙位數或以下,中港澳關口有望重開等。此外,該行預期夏季前政府有機會將賭牌再延長至少一年,或會帶來正面影響。

除了在旅遊方面鬆綁外,該行認為隨著訪客及賭客回復信心,中場需求亦持續改善,估計自「五一黃金周」起至下半年復甦步伐將較顯著,料第三、四季中場賭收將回復至疫情前的75%及90%,而明年則會全面復甦。(el/u) ~

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