大行評級|瑞銀:預期澳門濠賭股今年首季EBITDA按季跌4%
瑞銀表示,金沙中國將啟動今年首季濠賭股業績序幕。該行指,澳門博彩監察協調局公佈今年首季博彩毛收577億澳門元,按年升1%及按季持平。該行預期今年首季中場博彩毛收按季跌2%,由貴賓廳博彩毛收按季升14%抵銷,意味經勝率調整的季度EBITDA按季跌4%,基於更高的貴賓廳佔比及非博彩收入減少影響盈利率。該行料金沙中國及澳博季績或遜預期,該行料關注管理層評論宏觀情緒疲弱下對需求的影響,以及持續打擊非法兑換店問題。市場競爭加劇亦將繼續成為焦點,讓市場評估盈利率展望。基於更佳的市佔趨勢及相對估值,該行在業績前偏好美高梅中國及新濠博亞。
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