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《大行》高盛料澳門博彩股第二季行業EBITDA按季升3% 銀娛(00027.HK)及美高梅中國(02282.HK)市佔增
高盛預測,澳門博彩股第二季行業EBITDA按季升3%,受博彩毛收按季升6%推動,但被薪資上漲、繁忙的演唱會與演出活動導致額外成本及相關促銷活動抵銷,料利潤率按季跌0.4個百分點至27%。 受高端玩家的推動,該行認為銀娛(00027.HK)及美高梅中國(02282.HK)可能成為市場份額的贏家。在6間博彩營運商中,該行仍認為兩者市場盈利預測有最大的上行空間。永利澳門(01128.HK)季度EBITDA表現或好於此前預期,預測其季度EBITDA按季增長4%至2.61億美元。澳博(00880.HK)為唯一預計EBITDA收縮的營運商,因其市佔下降。《水舞間》和駐場演出幫助新濠博亞(MLCO.US)維持其市場份額。該行亦指金沙中國(01928.HK)上月失去市佔,第二季市佔與第一季相近,約為23%。 該行亦表示,泰國綜合渡假村項目延遲可能釋放更多自由現金流用於股息分配,視乎法案暫停時間長短以及是否會在之後重新提出,部分投資者質疑此前表達有意參與的博彩營運商,即銀娛、美高梅中國及新濠博亞是否因此釋放更多現金流作額外派息。
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