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《大行報告》匯豐研究上調今年澳門賭收預測 升永利澳門(01128.HK)評級至「買入」
匯豐研究發表研究報告指出,隨著賭客重新回流澳門,該行根據壓力測試重新評估博彩股的市場份額,上調對新濠國際(00200.HK)旗下新濠影匯的收入及EBITDA預測,但下調對澳博(00880.HK)旗下上葡京的收入預測。同時略為上調對銀娛(00027.HK)收入及EBITDA預測,削減對其博彩收入預測,但上調非博彩收入預測。 此外,該行提及近期對美高梅中國(02282.HK)的視察,令該行更為相信其相對於2019年水平,更有能力捍衛市場份額的增長,將美高梅明年收入預測維持不變,但上調對其盈利預測。另對永利澳門(01128.HK)評級由「持有」上調至「買入」(見另表),認為市場對公司預期太低。同時繼續偏好金沙(01928.HK),因為其持有的新物業利好酒店庫存,並專注於中場業務。 該行另對今年澳門首季賭收預測作出上調,料中場賭收將達至2019年首季的約70%水平,原預期為45%;次季賭收預測略為提高6%,以反映5月份黃金周假期的利好因素。惟基於宏觀不確定性及澳門勞工問題等,該行對今年下半年賭收預測大致不變,對2024及2025財年中場收入預測,由之前相當於2019年的88%及101%水平,輕微提高至89%及104%水平。另將今年賭收預測上調7%、2024年上調1%,2025年上調3%。
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