《大行报告》大摩上调濠赌股目标价 首选永利澳门(01128.HK)
大摩发表研究报告,指澳门将於明年有全新面貌,路(乙水)酒店房对比2019年增加13%,但日均经营开支跌4%,带动EBITDA升15%,料可带动高端中场客,短期催化剂为当地重开。
该行指,赌股近日升16%,跑赢恒指13个百分点,投资者询问股价已反映因素及复苏的步伐,但目前建议投资者可放眼2022年,认为将与疫情前有重大变化。
该行预期中国名义GDP於2022年达122万亿元人民币,较2019年高22%,相信可带动中场收入增长,加上在岸抑压需求,料最终收入远高於市场预期。今年行业有3大催化剂,包括於今年中延长现有6个赌牌的时间3年、香港与中国/澳门的关口将於第三季全面重开、内地个人游於第四季恢复,料今明两年赌收分别202亿及355亿美元,相等於2019年55%及97%水平,首选永利澳门(01128.HK),目前永利澳门较银娱(00027.HK)有20%折让,主因外资持股和贵宾厅贡献较多,相信市场会於下半年意识到有关忧虑被夸大。
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