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《大行報告》匯豐研究:賭收持續復甦為濠賭股短期催化劑 偏好金沙中國(01928.HK)及永利澳門(01128.HK)
匯豐研究發表研究報告指,投資者對澳門博彩業的可持續性似乎過於憂慮。該行視賭收的可持續復甦潛力為近期的催化劑,另外,澳門在五一期間的賭收及遊客量均獲得理想表現。該行偏好金沙中國(01928.HK)及永利澳門(01128.HK),均予「買入」評級。 該行表示,澳門在為期五天的五一黃金周錄得強勁的訪客量和博彩總收入,但濠賭股股價趨於走弱。由於投資者憂慮消費能力可能已經見頂,故擔心強勁數據的可持續性,顯示投資者的信心較弱。另外,濠賭股缺乏近期上行催化劑,鑑於下一個關鍵假期是10月,部分對沖基金做空行業股票。不過,該行根據數據訊息,部分遊客為了避開人群而推遲行程,這或有助於緩衝5月的數據,令數據表現得以持續改善,並支持股價表現,情況如3月底。 該行認為,澳門的博彩收入將持續改善,因為與國內旅遊相比,它處於早期復甦階段,又預計其將受惠於慢於預期的內地出境遊復甦。該行看好金沙中國擁有大量酒店庫存和新物業,並且專注於中場業務;又偏好永利澳門,認為其估值具有吸引力。 股份 | 投資評級 | 目標價(港元) 銀河娛樂(00027.HK) | 買入 | 60元 美高梅中國(02282.HK) | 持有 | 12元 新濠國際(00200.HK) | 持有 | 9.9元 金沙中國(01928.HK) | 買入 | 34.5元 澳博控股(00880.HK) | 持有 | 4.1元 永利澳門(01128.HK) | 買入 | 10元
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