《大行报告》大摩下调澳门赌业股目标价 升银娱(00027.HK)评级至「增持」
大摩发表研究报告指,对今年澳门赌股EBITDA预期较其他券商低38%,或较2019年低69%,虽然估值高,但仍上调银娱(00027.HK)至「增持」。新项目和高端中场成为焦点所在,相信有助跑赢大市,推荐银娱和金沙中国(01928.HK)。
该行指,行业首季物业EBITDA为2.5亿美元,较去年第四季低,及只有2019年首季的10%,认为全面复苏仍难以估算。虽然对抑压需求增长有信心,但要回复至2019年水平的时间点仍难以预料,目前正等待香港通关,以及自由行、旅行团等重启。
该行推算,过去五个季度,行业录69亿美元的现金流出损失。
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