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《大行報告》花旗料澳門博彩行業第三季EBITDA穩定復甦 市場未充分反映
花旗發表研究報告指,由於澳門遊客量及博彩收入均在復甦,第三季中場賭收幾乎已回復至疫情前水平,預期博彩行業EBITDA於第三季亦將繼續穩步復甦,估計將恢復至2019年第三季約80%左右,達到約18.53億美元,惟市場尚未充分反映;認為高端中場仍是復甦的主要引擎,未見到澳門博彩需求有任何放緩跡象,因此維持看好濠賭股觀點。 該行指,濠賭產業已進入價值區間,股份交易估值水平達到預測2024財年預測企業價值對EBITDA比率約8.2倍,較歷史均值低出1.5個標準差;首選股為銀娛(00027.HK)及金沙中國(01928.HK),均給予「買入」評級,銀娛目標價維持為70元;金沙中國目標價則從37元降至35元,並將金沙中國2023至2025財年EBITDA預測下調4%至5%,以反映較保守的營運支出預測。 事實上,花旗對所有澳門主要博彩營運商都給予「買入」評級,偏好依次為銀娛〉金沙中國〉美高梅中國(02282.HK)、新濠博亞娛樂(MLCO.US)(兩企平排)〉永利澳門(01128.HK)〉最後為澳博(00880.HK),當中對澳博及銀娛開展為期30天的正面催化觀察,預測該兩家博企的EBITDA按季改善幅度最大。
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