《大行》麥格理:澳門衛星賭場關閉 首選銀娛(00027.HK)
麥格理研究報告指,澳門6月2日至8日一周的日均博彩收入為6.5億元澳門元(下同),按周跌5%,但按年持平。期內中場及貴賓廳投注額分別按月跌5%及1%-3%,淨贏率為2.7%至3%。澳門政府將全年博彩淨收入預測下調至2,280億元,與該行預期的2,250億元相近。市場份額方面,5月金沙中國(01928.HK)及銀娛(00027.HK)市場份額分別增2個及1個百分點,該市場份額來自永利澳門(01128.HK)及澳博(00880.HK),因金沙及銀娛旗下新物業開幕搶去了部分高端客戶。
另外,澳博將關閉9個衛星場中的7個,並因優越地理位置收購2間衛星場,集團指是商業決定,相信自營賭場可改善EBITDA利潤率。新濠博亞(MLCO.US)和銀河娛樂亦會關閉部分衛星場。澳娛綜合及新濠博亞表示會將員工調派到其他工作,設備亦會重置於集團其他賭場。
該行的行業首選為銀娛,因其有強勁的待推出項目及豐富的酒店客房庫存,料今年末將全面營運的嘉佩樂酒店(Cappella)可推動集團於高端中場的市場份額;予「跑贏大市」評級及目標價46.9港元。
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