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《大行》匯豐料吸納衛星場成本可控 薦買美高梅(02282.HK)及銀娛(00027.HK)
匯豐研究報告指,澳博(00880.HK)將於年底關閉旗下9間衛星場,並收購其中2間;新濠博亞(MLCO.US)和銀河娛樂(00027.HK)亦各自關閉1間衛星場。各公司需要內部吸納受影響的員工及設備。該行指,受影響的5,600名員工中,有4800名是由博彩承批公司聘用,因此要吸納剩餘800名員工所涉及的額外成本可控。而轉移的賭檯和老虎機可帶來正面影響,令賭桌收益有潛在上行空間。 報告提到,6月首八日行業博彩淨收入爲52億元澳門元,意味着日均收入爲6.5億澳門元,按周升6%。端午節三天假期(5月31日至6月2日)期間客流量按年升14%。而澳門政府日前將全年博彩淨收入預測下調至2,280億元,低於市場預期2300億元。 股份方面,該行看好美高梅中國(02282.HK),因其投入資本回報強勁,以及有5.6%股息收益率,相信在具挑戰的環境下,集團強大的執行能力及高效的營運可帶來具韌性的業績;目標價爲14.5港元,予「買入」評級。另外,該行亦看好銀娛,因其第三期項目持續增長,以及今年中開業的嘉佩樂酒店(Capella)可支持市場份額增長;予「買入」評級,目標價41.5港元。
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