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《大行報告》花旗料濠賭股調整或屬短暫 指貴賓廳僅佔疫情前行業EBITDA約15%
花旗發表報告表示,就太陽城集團(01383.HK)主席周焯華涉嫌在內地觸犯開設賭場罪,被溫州市人民檢察院依法批準逮捕,由於太陽城集團屬澳門最大的博彩中介集團,料市場將對澳門博彩股反應再呈負面, 該行對此不會感到驚訝,但認爲濠賭股調整或屬短暫,因目前澳門貴賓廳業務僅佔疫情前行業EBITDA 的約15%,料相關事件對濠賭股營運盈利能力的影響非常有限,影響並非如以往般顯着,以及行業潛在迎來新的積極催化劑,例如港澳邊境重新開放,澳門博彩法的修訂更加明確等,預計市場將從當前水平重新評估該行業。 花旗認爲,作爲澳門迄今爲止博彩收入及行業EBITDA復甦的主要引擎,大多數屬優質中場客戶,相關賭博活動有來自海外資金來源,因此料此部份復甦不應受到今次的事件所影響。 該行認爲濠賭股近期股價回調,或可能會帶來好的買入機會,該行首選是銀河娛樂(00027.HK)、澳博(00880.HK)和新濠博亞。 花旗料澳門2022年博彩收入預測爲1,680億澳門元,意味按年升92%,將回至2019年水平的約68%,該行已經非常保守地預測貴賓廳將僅恢復至2019年水平的約36%。對於2023年,該行預計澳門中場博彩收益將超過2019年的水平。
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