《大行報告》大摩:澳門賭業股調整爲選擇性吸納機會 升金沙中國(01928.HK)評級至「增持」
摩根士丹利發表研究報告,就澳門區政府推出修訂博彩法諮詢文件後,投資者關注澳門博彩股未來的派息政策及賭牌續期情況,令濠賭股股價出現調整,但基於澳門旅客流量可望於2022年及2023年恢復,相信爲賭業股帶來選擇性吸納機會。
該行指,就澳門區政府推出修訂博彩法諮詢文件後,濠賭股上週股價調整約20至40%,當中有三大主要因素,包括對派息政策、經營、提升澳門居民的持股,但指賭股的估值水平仍在歷史範圍中,同時預期未來盈利貢獻會更多來自非貴賓廳業務。
大摩表示,有信心澳門賭業未來需求復甦,帶動中場收入高於2019年的表現,但目前疫情影響的情況持續時間高於預期,即令即使股價下跌,估值仍然高企。
該行看好銀河娛樂(00027.HK)多於金沙中國(01928.HK),維持「增持」評級,將目標價由70元降至48元;該行亦上調對金沙中國的評級,由「與大市同步」升至「增持」,將目標價由31元降至20元。大摩下調對澳博控股(00880.HK)評級由「增持」降至「減持」,將目標價由11元降至4.5元。
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