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《大行》匯豐研究:濠賭股看好美高梅(02282.HK)銀娛(00027.HK) 高端市場持續改善成重估關鍵
匯豐環球研究報告指,澳門6月首15日的博彩總收入為100億澳門元(下同),過去7日(9至15日)的日均收入為6.86億元,按周升5%,主要由VIP淨贏率較高所帶動。高端中場表現穩健亦有助推動日均收入。加上6月有一系列非博彩活動,將於淡季帶動人流。 報告指,假設6月餘下時間日均收入可達6.2至6.8億元,則整月博彩總收入為193億至202億元,按年升9至14%,意味次季博彩總收入可有5至7%按年增幅。雖然自5月底起每周的總博彩收入都表現穩健,但行業的股價在過去3周平均升0.4%,增長遜於恆指的1.2%,該行認為要有更多反映高端市場改善的證據,才能推動對行業重新評價。 股份方面,該行首選美高梅中國(02282.HK),目標價14.5港元,評級「買入」,基於其強勁的投資回報率,並相信集團強勁的執行力和高效的營運可帶來具韌性的業績。另外,該行亦看好銀河娛樂(00027.HK),目標價41.5港元,評級「買入」,因其第三期項目及今年中開幕的嘉佩樂酒店可支持市場份額增長,尤其是在整體市場成長快於預期的情況下。
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