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《大行報告》高盛:澳門去年12月賭收勝預期 偏好銀娛(00027.HK)及金沙中國(01928.HK)
高盛發表報告指,澳門上月博彩毛收186億澳門元,高於該行及市場預期,為疫前81%,高於去年11月的70%,受惠於強勁遊客數字及節假期間博彩毛收表現強勁。上月18至31日日均博彩毛收為6.84億澳門元,對上兩周日均為5.42億及5.2億澳門元。假設貴賓廳博彩毛收為疫前三至四成,中場博彩毛收應已較疫前高出兩至三成。 高盛維持對澳門博彩毛收及非博彩收益的相對樂觀展望,基於多項活動及演唱會,新項目推出亦將強化澳門作為內地出境遊目的地的吸引力,澳門博彩股主要風險為潛在加薪及更多資本承諾的成本壓力。 該行料澳門今明兩年博彩毛收將為280億及304億美元,行業EBITDA料分別為88億及97億美元,為2019年水平的93%及104%,高於去年第三季的80%水平。 該行認為澳門博彩股現時股價為2024及2025年預測企業價值倍數(EV/EBITDA)的9.4及8.5倍,對比中周期的12至13倍,估值並不高。該行仍偏好著力中場業務的股份,尤其銀娛(00027.HK)及金沙中國(01928.HK)。 下表列出高盛對澳門博彩股投資評級及目標價: 股份│投資評級│12個月目標價 銀娛(00027.HK)│買入│57.8元 金沙中國(01928.HK)│買入│28.5元 美高梅中國(02282.HK)│中性│12元 永利澳門(01128.HK)│中性│8.5元 新濠國際(00200.HK)│買入│8.3元 澳博(00880.HK)│買入│3.7元 *新濠博亞(MLCO.US)│買入│11.8美元 *美股預託證券
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