金吾财讯 | 摩根士丹利近日研报指出澳门博彩业在2025年有望实现小幅但稳定的增长。报告预计，2025年澳门博彩总收入(GGR)将达到2380亿澳门元，同比增长5%，而息税折旧摊销前利润(EBITDA)预计将达到80亿美元，同比增长6%。尽管市场对博彩业的预期较为谨慎，但摩根士丹利认为，随着各博彩公司加大非博彩类投资和提升服务质量，市场份额和盈利能力有望进一步提升。摩根士丹利认为尽管增长速度相对温和，但市场结构正在逐步优化。博彩业的复苏将受益于中国内地游客的持续增长以及澳门政府对博彩业的积极支持政策。此外，随着各博彩公司不断推出新的项目和设施，如金沙中国的伦敦人项目和银河娱乐的Capella酒店，市场竞争力将进一步增强。摩根士丹利对以下公司给出了预测值和目标价。给出“增持”评级的为：美高梅中国(02282)目标价从17港元调整到12.2港元；金沙中国(01928)目标价从23.5港元调整到25港元；永利澳门(01128)目标价从8港元调整到6.7港元；给出“持有”评级的为：银河娱乐(00027)目标价从29.5港元调整到37.5港元；新濠国际发展(00200)目标价从9.6美元调整为为7.5美元；给出“减持”评级的为澳博控股(00880)，目标价从2.25港元调整为2.45港元。
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