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《大行報告》瑞信上調濠賭股評級至「跑贏大市」全線升價 首選金沙中國(01928.HK)
瑞信發表研究報告,指澳門濠賭股的風險回報轉向正面,主要由於監管力度較預期輕,而香港與澳門的重新通關爲目前的賭收提供顯着上行空間,以及估值不高。假設濠賭股回覆至疫情前水平,該行預期2023及2024年底分別將有33%及20%的複合回報。 此外,該行認爲澳門《博彩法》諮詢結果最早將於12月中旬發佈,另料香港與澳門可能於12月起重新通關,都爲博彩業帶來與以往不同的催化劑,估計12月的賭收將更爲強勁。雖然預期貴賓廳市場將有所萎縮,但隨着放寬旅行限制,料2022財年下半年將大規模復甦。該行預期,至2023年貴賓廳賭收將回復至2019年水平的52%(此前預期爲51%),而屆時中場回覆至2019年的95%水平(此前預期爲85%)。 該行將整個博彩業的2023財年EBITDA預測上調11%至26%,目標價升介乎34%至117%(詳見另表),並上調金沙中國(01928.HK)、澳博控股(00880.HK)、永利澳門(01128.HK)、銀河娛樂(00027.HK)、新濠博亞娛樂(MLCO.US)、新濠國際發展(00200.HK)及美高梅中國(02282.HK)至「跑贏大市」評級,另上調新濠影匯(MSC.US)評級至「中性」,當中首選金沙。
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