大摩:料濠賭股牌照獲延長,將有20-30%上行空間
格隆匯3月16日丨大摩發研報指,若澳門博彩股牌照獲延長,相關股份將有20-30%上行空間,而相關股份自2019年12月以來下跌62%,主要受牌照及新冠疫情影響,以及內地與香港新冠案例增加而等因素影響。該行指,根據中國奢侈品零售額和拉斯維加斯博彩收入,可以肯定的是,被壓抑的需求應該會推動澳門未來的收入和EBITDA超過疫情前水平。
該行又指,隨着“清零”新冠病毒政策以及近期內地和香港病例激增,預計這將推遲到2022年第四季度末。至於與中國電子簽證開放,由於內地與澳門一直有進行免檢疫旅行,不過該行認為需待至2023年才會重新開放;又料團體旅遊亦不會於2023年前重新開放。因此,該行認為,中場收入和EBITDA可能在2023年下半年或2024年才回復正常,晚於市場普遍預期,因此股票可能會在當前水平上徘徊更長時間。
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