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《大行》高盛料澳門博彩強勁勢頭持續 薦買金沙中國(01928.HK)銀娛(00027.HK)
高盛發表研究報告指,澳門博彩企業均將近月的博彩總收入(GGR)強勁表現歸因於密集的盛事、股市帶動的財富效應、簽證政策放寬,以及泰國及菲律賓安全隱憂持續,令更多內地旅客選擇港澳作為目的地。對於十一黃金周,基於酒店預訂幾乎「爆滿」,以及與客戶溝通的情況,博企普遍預期需求強勁,而全國運動會則不會對博彩收入有顯著影響。 整體而言,業界預期強勁增長動能將在今年餘下時間持續。該行預期澳門2025全年賭收按年增長9%,意味今年9至12月按年增長14%,2026年則增長7%。 股份方面,金沙中國(01928.HK)為該行首選,因股價尚未充分反映其奪回市場份額的能力及股息增長潛力,儘管公司近期調整推廣活動及再投資率,可能導致第三季利潤率承壓,帶來短期下行風險;現予目標價24.8元及「買入」評級。 另外,該行亦看好銀河娛樂(00027.HK),料市場份額有上升空間,由新酒店嘉佩樂及密集的盛事所推動,現予目標價55.9元及「買入」評級。至於美高梅中國(02282.HK)的估值最具吸引力,該行料可公司維持15至16%市場份額,股息收益率達5.1%,亦有望從即將關閉的衛星賭場吸收部分博彩量;目標價20.4元,評級「買入」。
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