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《大行報告》匯豐研究調整部分澳門賭業股目標價 偏好金沙中國(01928.HK)及銀娛(00027.HK)
匯豐研究發表報告指,澳門的團體旅遊和電子簽證恢復時間表尚未確定,且可能需要取決於旅遊情緒而逐步復甦,考慮到明年第二季澳門旅遊正常化,及上升空間有限。該行認為,在需求的可持續復甦更加清晰之前,澳門博彩行業或會保持區間波動。即使在恢復跟團遊和電子簽證的情況下,澳門政府預計每日訪問量僅4萬人次,而9月份為每日2萬人次,剛過去的黃金周前3天為每日3萬人次。 報告補充,博彩總收入需逐漸恢復,因為疫情仍然不穩定,而且當地旅行政策因地理位置而有不同,會影響旅行情緒。該行對歷史疫情前內地佔澳門中場博彩總收入的80%,如果中場賭收在2023年恢復到相同水平,行業2023年的預測企業價值倍數(EV/EBITDA)料為11.6倍。考慮到內地與澳門之間的旅行條件將從明年第二季度開始正常化,並料在明年取消旅遊限制,該行維持2023至24年的預測。 該行繼續看好金沙中國(01928.HK),因為集團擁有較多酒店庫存和新物業,目標價由21.5上調至23元。該行認為,亞美娛樂公司(AAEC)最近致澳門委員會的信函不會影響金沙中國的特許權申請。該行又看好銀娛(00027.HK),目標價由50元升至52.5元,認為其有淨現金狀況和良好的業績記錄。
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