花旗:削银河娱乐(00027)、美高梅中国(02282)、澳博(00880)目标价 上调金沙中国(01928)目标价

智通财经
Apr 13

智通财经APP获悉,花旗发布研报称,将银河娱乐(00027)目标价由54港元,调低3.7%至52港元、将美高梅中国(02282)目标价由18.25港元,调低5.2%至17.3港元、将澳博控股(00880)的目标价由1.94港元,调低7.2%至1.8港元。该行维持新濠博亚(MLCO.US)和永利澳门(01128)的目标价不变。该行分别将金沙中国(01928)及母公司拉斯维加斯金沙集团(LVS.US)的目标价分别由23港元及76.75美元,调高4.3%及2.28%至24港元及78.5美元。

花旗估计澳门2026年第一季博彩总收入(GGR)年增14%,将转化为产业 EBITDA 同比增8%。该行认为,行业 EBITDA 增长率低于 GGR 增速的原因在于贵宾厅/中场的组合不利于 GGR。该行也怀疑部分赌场贵宾厅留客率较低,影响了利润率。尽管如此,该行预测行业 EBITDA利润率将保持在约27%的合理水平,这意味着赌客的再投资仍然合理。

花旗指,本季 GGR 和 EBITDA 的正增长应该提醒投资者,赌客对博彩的热情似乎并未受到持续的地缘政治紧张局势和经济不确定性的影响。该行认为,澳门拥有可持续的经营现金流和诱人的股息率(2026财年香港上市公司的预期股息率为5-7%),值得投资者更多关注。

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