《大行》摩通調整濠賭股目標價 首選銀娛(00027.HK)及美高梅(02282.HK) 澳博(00880.HK)評級升至「中性」
摩根大通研究報告指,澳門5月博彩總收入按年升5%至212億澳門元創五年高位,勝市場預期2%,反映已恢復至疫情前的82%,爲疫後重開以來的最好表現;該行估算中場及角子機(slot)已恢復至疫情前的120%至121%,而貴賓廳則爲疫情前24%至25%。
利潤率方面,該行的渠道消息反映業內的競爭局面及成本環境相對穩定,該行料行業利潤率將保持穩定,收入及博彩總收入將推動未來的EBITDA趨勢;將行業2025至26財年的博彩總收入及EBITDA預測上調5%,因行業首季盈利以及連續兩次博彩總收入表現均好過預期,因需求及盈利較預期更具韌性。
該行調整濠賭股目標價(見下表),股份方面,銀娛(00027.HK)及美高梅中國(02282.HK)並列首選股,評級均爲「增持」,隨後依次爲金沙中國(01928.HK)、永利澳門(01128.HK),評級均爲「增持」,再後爲新濠博亞(MLCO.US),評級「中性」,再後爲澳博(00880.HK),經考慮估值後,評級由「減持」升至「中性」,最後爲新濠國際發展(00200.HK),評級「減持」。
摩通對濠賭股最新投資評級及目標價表列如下:
股份?投資評級?目標價(港元)
銀娛(00027.HK)?增持?37元-〉42元
美高梅中國(02282.HK)?增持?13.5元-〉15元
金沙中國(01928.HK)?增持?16元-〉18元
永利澳門(01128.HK)?增持?6.5元
新濠博亞(MLCO.US)?中性?6.5美元-〉7.2美元
澳博(00880.HK)?減持-〉中性?2元-〉2.2元
新濠國際發展(00200.HK)?減持?3元-〉2.6元
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