《大行》瑞銀上調澳門今明兩年賭收預測及升博彩股目標價 首選銀娛(00027.HK)美高梅中國(02282.HK)
瑞銀研究報告指,將2025至26年澳門博彩總收入(GGR)的預測上調8至14%,以反映次季增速出乎意料。當中,中美關稅並未影響博彩需求,次季訪客數字亦因演唱會帶動而有所提速,加上有新酒店,以及涉及珠海和橫琴的新簽證政策,將繼續支持下半年需求增長。
該行料下半年GGR按年升7%,而上半年為4%,全年GGR升6%。至於2026則升3%,因受到衛星場需求減少影響。2025至26年行業的經調整幸運因素(Luck-adjusted)EBITDA上調11%至22%,料2026年利潤率有所改善,因衛星場關閉及競爭穩定,令2026年的經調整幸運因素EBITDA由前一年的約2%加速增長至7%。
股份方面,該行將美高梅中國(02282.HK)評級升至「買入」,目標價由10元升至15.9元,並將新濠博亞(MLCO.US)、新濠(00200.HK)及永利澳門(01128.HK)評級由「沽售」升為「中性」,基於收入預測提高,目標價分別上調至8.8美元、5元及6.1元。行業首選為銀娛(00027.HK)及美高梅中國,而銀娛目標價由34.2元升至43.9元,予「買入」評級。澳博(00880.HK)評級維持「沽售」,目標價由1.6元升至2.5元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.