《大行》里昂:澳門博企派息回購有增長空間 首選銀娛(00027.HK)金沙(01928.HK)
里昂研究報告指,澳門博彩企業去年董事會薪酬總額創歷史新高,較2019年高15%,但整體利潤及市值卻較2019年水平低40%及50%。當中只有銀河娛樂(00027.HK)、澳博(00880.HK)及新濠國際(00200.HK)於2024年的董事會薪酬是低於2019年水平,主要因部分董事退休。
另一邊廂,澳門博彩行業於2024年一共回饋11.49億美元現金予股東,較2019年少64%,當中不包括澳博及新濠國際,因其未重啟派息。只有銀娛及美高梅中國(02282.HK)的董事會薪酬與派息是相符。回購方面,自2017下半年起,新濠國際及金沙中國(01928.HK)內部累計斥9,800萬美元於公開市場淨買入股份。反之,澳博、銀娛、美高梅中國及永利澳門(01128.HK)內部則自2027下半年起淨售出1.11億美元的公司股份。
該行認為行業的派息及回購均有進一步增長的空間,預期全年澳門博彩淨收入將達301億美元,而去年283億元。首選銀娛及金沙中國,因前者潛在市場份額增長,加上有效執行盛事策略,以及銀娛旗下嘉佩樂酒店開張;而金沙中國未來兩至三年派息將有增長,資本開支已於今年上半年達至頂峰。
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