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大行評級|大摩:預計4月的賭收將增長2%至189億澳門元 博彩股相對吸引
格隆匯 04-02 10:47

摩根士丹利發表報告指出,澳門3月總博彩收入爲197億澳門元,按年增長0.8%。單計首季,澳門賭收按年升0.6%,達2019年首季的76%水平,或導致行業EBITDA按年錄得4%跌幅。此外,該行預計4月的賭收將增長2%至189億澳門元。

從正面而言,澳門博彩業的企業價值倍數(EV/EBITDA)約爲8倍,而15年的平均水平爲12倍,看起來相對吸引。即使在扣除非博彩資本開支後,自由現金流收益率約爲8%,許多公司如美高梅中國、永利澳門及銀河娛樂現在將其盈利約50%作爲股息分派(股息率約爲4%至5%)。

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