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《大行報告》匯豐研究料濠賭股良好勢頭在明年持續 金沙中國(01928.HK)信貸評級升至「增持」
阿思達克 11-21 11:09
匯豐研究發表報告指,今年以來對澳門博彩業屬好的一年,主要因為發牌風險消退、監管環境有利;旅客及博彩收入增加,基本因素良好;債券稀有帶來的技術支持。該行相信良好趨勢將會持續至明年,主要受惠六大主題:賭場營運商以去槓桿為首要任務;債券招標成為削債的選項;評級機構有望作出正面行動;非博彩元素增加令競爭環境改變;相關債券跑贏股價;今年以來未有博彩營運商發行美元債、帶來稀有價值。 該行指,博彩業的疫後復甦超出預期,雖然內地經濟放緩,但到訪澳門的旅客人數及博彩毛收入表現穩定,令博彩營運商扭虧為盈,取得持續的自由經營現金流,修復資產負債表,估計首九個月平均季度EBITDA回復至2019年的70%。 該行欣賞金沙中國(01928.HK)資產負債表的恢復、及對比同業更積極減債,對其信貸基本建議(credit fundamental recommendations)評級由「中性」上調至「增持」。
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