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《大行》里昂上調今明兩年澳門博彩毛收預測 澳博(00880.HK)投資評級上調至「持有」
里昂報告指,澳門博彩業收入動力在第三季持續,上月博彩毛收較該行預期高1%,工業盈利能力、人民幣強勢及正面股市表現支撐近期博彩毛收強勁,內地樓價回穩將為下一個增長催化劑。該行又指,該行追蹤的38間澳門酒店,當中33間在十一黃金周期間已預訂爆滿。 該行預測人民幣今年年底及明年年底將升至7.13及7.1兌一美元水平,支持未來澳門博彩毛收增長,基於內地旅客外遊增加,為澳門博彩股價值重估建立基礎。該行上調對澳門今明兩年博彩毛收預測1.3%及3.5%,至2,457億及2,556億元,分別按年升8.4%及4%。該行預測澳門本月博彩毛收按年升10%至189億澳門元。今年行業EBITDA料按年升7%至84億美元,明年及後年分別升至89億及97億美元。 該行上調對澳門博彩股企業價值倍數(EV/EBITDA),上調新濠博亞及澳博(00880.HK)評級至「跑贏大市」及「持有」,銀娛(00027.HK)及美高梅中國(02282.HK)仍為行業首選股。 下表為里昂對澳門博彩股最新投資評級及目標價: 股份│投資評級│目標價 銀娛(00027.HK)│跑贏大市│43.6元->50.3元 美高梅中國(02282.HK)│跑贏大市│14.6元->19.5元 金沙中國(01928.HK)│跑贏大市│18.5元->22.4元 永利澳門(01128.HK)│跑贏大市│7元->9.6元 新濠博亞(MLCO.US)│持有->跑贏大市│8.6美元->12.9美元 澳博(00880.HK)│跑輸大市->持有│2元->3元
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