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大行評級 | 摩通:重申看好濠賭股 首選銀娛、金沙中國
格隆匯5月24日丨摩通發研報指,濠賭股在疫後重啟的首個季度業績偏向好於預期,該行重申看好澳門博彩行業,首選銀娛(0027.HK)及金沙中國(1929.HK),其餘選股依次為美高梅中國(2282.HK);永利澳門(1128.HK)及新濠國際(0200.HK);澳博(0880.HK)。摩通預測,行業中場賭收料於今年末季完全回覆至疫前水平,較預期早兩個季度;貴賓廳需求亦超越疫前水平。利潤方面,由於未來營運開支已屬固定,料收入至EBITDA續加快增長。市場份額則預期仍由美高梅領先,明年市佔率料逾12%。基於6大濠賭股的首季季績,該行平均上調其全年EBITDA預測21%,為逾10年以來最大上調幅度。不過,全年EBITDA平均增幅只上調5%,由於關注宏觀憂慮及較弱的內地消費情緒。該行稱,基於預期市場預測上調,續相信濠賭股好於預期的基本面,會完全推動投資情緒及股價,進一步擺脱其過於便宜的估值標籤。
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