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《大行報告》花旗上調澳門2023至2025年賭收預測 首選銀娛(00027.HK)
花旗發表報告指出,自澳門重新開放以來,賭收復甦勝市場預期,惟由於迄今為止旅客復甦相對緩慢,影響投資者對澳門EBITDA復甦軌跡的信心。該行維持看好澳門博彩業的立場,預期下半年隨著演唱會舉行及新酒店的開業,將進一步推動賭收復甦。 該行認為,在反映近期的旅客量和博彩總收入恢復趨勢後,對今年澳門賭收預測上調約13%至1,794億澳門元(或約225億美元),相當於2019年水平約61%;上調明年賭收預測約6%,至2,100億澳門元(或約263億美元),相當於2019年水平約72%;將2025年賭收預測上調約6%,至2,295億澳門元(或約288億美元),相當於2019年水平的78%。另預期中場賭收將在今年恢復至疫情前水平約90%,並在2024及2025年分別超過2019年水平約7%及17%。 此外,該行對明年澳門博彩業EBITDA的預測為約93億美元,意味著將恢復至2019年水平約97%。另預計2025年行業EBITDA將超過2019年水平約10%。該行對濠賭股的首選為銀娛(00027.HK),其餘依次為金沙中國(01928.HK)、美高梅中國(02282.HK)與新濠博亞娛樂(MLCO.US)(兩企排名相同)、永利澳門(01128.HK)、最後為澳博(00880.HK)(目標價及評級見另表)。至於國際首選為金沙集團(LVS.US)。
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