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《大行報告》瑞信下調新濠(00200.HK)目標價至9.3元 評級「跑輸大市」
阿思達克 08-10 09:58
瑞信發表研究報告,指澳門賭收表現料將積弱至9月中,目前行業有3個不確定性因素,包括復甦時間、幅度,以及增長限制。 該行指,在復甦時間方面,目前中國對抗疫情採取零容忍的態度,這將持續限制訪澳客量。復甦幅度的不確定性方面,是高端中場需求已在內地遏抑跨境賭博之下受挫。 增長限制而言,目前客源由賭客轉為休閒旅遊,會拖累邊際利潤,並將投資回報率拉低,令復甦能力受限。 該行又指,持續看好新濠國際(00200.HK),認為其產品具競爭優勢,以及在高端中場方面表現強勁。雖然行業見下行壓力,但長遠仍然看好。該行調降2021至23年行業賭收預期,至分別在2019年水平的33%、62%及72%,降新濠國際盈利預測36-72%,目標價由11.6元降至9.3元,維持「跑輸大市」評級。
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