《大行報告》富瑞料濠賭股季度EBITDA虧損延續至第三季 明年賭收回復至疫前46%水平
富瑞發表評級報告指,澳門博彩收入在6月中已恢復至最近一輪疫情爆發前水平,惟下一階段復甦,如銀娛(00027.HK)所言,取決於「入境政策」;而新濠博亞(MLVO.US)亦指「反彈並不會很快出現」。該行預料季度EBITDA虧損延續至第三季,惟由於隔離措施令訪澳門遊客數字維持低水平,對此並不感到意外。
該行指,銀娛管理層重申對近期展望,形容爲「漸進、有管理和波動」,而基於長期壓抑的需求,對前景仍然樂觀,惟這取決於「入境政策」。公司已完成第三階段工程,項目可於90天內開放,成爲股價催化劑,但視乎復甦情況,公司預期於2023年纔開幕。
該行指,由於澳門訪客量僅於年底反彈,料復甦將延遲至明年,以致今年博彩收入僅爲疫前水平的14%,並料明年GGR按年增229%至170億美元,僅回升至疫前水平的46%。在2024年,預料GGR會達致疫前水平的60%,即日均5.79億澳門元。
股份│評級│目標價
銀河娛樂(00027.HK)│買入│52→54元
美高梅中國(02282.HK)│持有│5.2→4.6元
(ca/u)
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