《大行报告》摩通上调澳门赌业股评级及目标价 首选金沙中国(01928.HK)及澳博(00880.HK)
摩通发表的研究报告,将澳门博彩股评级全部转为「增持」(之前五间「中性」、一间「增持」),目标价亦全线上调,认为行业风险回报转向利好,或有机会追落後,相信农历年表现令人失望或有助澳门博彩股清除障碍并正面回馈,首选金沙中国(01928.HK)及澳博控股(00880.HK)。
该行指出现时市场预期较低,而投资者气氛亦冷淡,但估计农历年後重开需求或已见底,之後有机会出现好消息,包括是香港关口重开及疫苗注射等,认为现时行业的企业价值倍数仅12倍,低於长期平均的13-14倍,如明年利润回复正常,料将有可观的重估空间。
摩逍认为市场对去年9月份赌场重开有太大期望,最终博彩收入表现及每股盈利下跌的情况令投资者失望,但该行认为未来数周农历年表现逊预期及企业公布去年第四季盈利等,意味不利因素已清除。之後或料会有好消息,包括是容许跨省旅游,而确诊个案如降至低双位数或以下,中港澳关口有望重开等。此外,该行预期夏季前政府有机会将赌牌再延长至少一年,或会带来正面影响。
除了在旅游方面松绑外,该行认为随着访客及赌客回复信心,中场需求亦持续改善,估计自「五一黄金周」起至下半年复苏步伐将较显着,料第三、四季中场赌收将回复至疫情前的75%及90%,而明年则会全面复苏。(el/u) ~
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