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《大行報告》美銀證券:澳門賭業股回落提供買入機會
美銀證券發表研究報告指,在本月26日澳門濠賭股平均回落4%後,相信這是行業股票的買入機會,當中包括銀娛(00027.HK)、金沙中國(01928.HK)、新濠博亞(MLCO.US)及美高梅(02282.HK)。該行重申對澳門濠賭股「買入」評級,相信訪客量及賭收進一步恢復應該會支持行業重新評級。 該行將股價疲弱歸因於春節期間遊客量的恢復遜於預期。在農曆新年假期首五天,整體訪澳總人次為31.8萬人次,當中,內地佔18.2萬人次,與2019年水平相比,分別恢復38%及30%。該行指,市場可能會預期訪客量將恢復50%以上,較1月第二周的35至45%有所改善。不過,由於產能和政策瓶頸,該行對假期高峰期間遊客量恢復沒有進一步改善並不意外。港澳之間的渡輪班次僅恢復到疫情前水平的一至兩成。由於人手短缺,澳門的酒店客房容量尚未完全恢復到疫情前的水平。電子簽證已於11月初恢復,但實施或尚未完全正常化,而且內地團體訪澳遊亦未恢復。該行相信,這些問題應該會在未來幾個月得到緩解,意味著仍有進一步的復甦空間。 該行提到,市場估計1月澳門博彩總收入為90至100億澳門元,意味著1月16日至23日為逾2億澳門元,而農曆新年假期高峰1月24日至31日則為4億至5億澳門元。該行相信這是可以實現的,因為2021年5月黃金周五天假期期間的訪客量為3.3萬人次,而博彩總收入錄逾超過6億澳門元。
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