《大行報告》匯豐研究下調濠賭股目標價 負面因素已反映但缺乏催化劑
匯豐研究發表報告,指澳門今年過了一個歷來最「靜」的黃金周,日均旅客量跌至1,166人,主因在9月底出現確診個案後,珠海市政府再次啟動隔離措施。包括北京在內的多個地方政府,亦要求來自澳門的旅客需要隔離。近日疫情受控,防疫措施自10月19日起亦見放寬,不過目前來自四大一線城市的旅客需求疲弱,與黃金周其他本地遊數字相若,目前內地更傾向短途遊,認為濠賭股的股價已反映大部分負面因素,但缺乏再評級的催化劑。
該行指,一旦香港通關,將會成為下一個催化劑,但相信在明年3月冬季奧運前都不會發生,令澳門市道不停在開與關之間重覆。至於在博彩法例方面,目前市場正待更多詳情,包括派息、政府代表的角色、賭牌時間,相信行業股價可能會受到限制,直到獲得更清晰的信息。
該行平均下調濠賭股2021年收入預期23%,EBITDA下調59%,目標價下調29%(見另表),維持銀河娛樂(00027.HK)和金沙中國(01928.HK)的「買入」評級。
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