瑞银:永利澳门及新濠博亚娱乐维持“买入”评级 并列为行业首选股

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May 12
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  瑞银发布研报称,维持对永利澳门(01128)及新濠博亚娱乐(MLCO.US)的“买入”评级,并列为行业首选股。

  根据其渠道调查,澳门5月首十天(包括五一黄金周)日均博彩收入约7.8亿澳门元,与去年同期持平,主要受贵宾厅赢率偏低影响。若以3%至3.3%的理论贵宾厅赢率计算,瑞银估计日均博彩收入将达8.5亿至9亿澳门元,同比增长10%至15%。其中,中场日均博彩收入环比增长17%至20%,贵宾厅博彩量环比增长18%至22%,但贵宾厅实际赢率仅为2%至2.3%。

  该行指出,市场预计5月余下21天的日均博彩收入将达约7.01亿澳门元,才能令5月整体日均博彩收入达到市场预期的约7.27亿澳门元,即同比增长6.3%。目前澳门博彩股估值相当于2026年预测企业价值倍数(EV/EBITDA)约8.3倍,较两年平均水平低0.75个标准差。

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