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澳門旅遊重啟在即 金沙中國可買未?

金沙中國(SEHK:1928)長線投資價值仍吸引? –

澳門賭場在疫市中大受打擊,最近金沙中國(SEHK1928)公布2020上半年業績,表現如何?長線投資價值仍吸引?

防疫措施影響顯著

金沙中國在期內面臨新冠肺炎帶來的強勁逆風。疫情在全球各地大流行,各地實施旅遊限制、出入境限制等防疫措施,如暫停前往澳門的中國個人遊團隊遊簽注,訪澳旅客因而顯著減少。博彩娛樂需求受重挫,澳門賭場普遍陷入低潮。據澳門政府公布的數據,中國內地訪澳旅客總數在今年2月至6月期間錄得逾90%同比跌幅。

此外,澳門政府實行的社交距離限制,如桌面博彩座位數目,及角子機距離等措施更會造成賭場空間利用水平下跌,2月至6月的每月博彩收益總額的同比跌幅介乎79%-97%。

金沙中國表現不振

面對強烈逆風,金沙中國表現大受打擊,上半年的淨收益為8.5億元(美元·下同),較去年同期減少81%,期內更由盈轉虧,錄得6.1億元經營虧損,以及7.2億元淨虧損。集團旗下核心資產在疫市中表現不振,如澳門威尼士人的娛樂場淨收益在期內大幅減少82%客房入住率更大幅降低至22.3%,較去年同期下降73個百分點,另一主題式娛樂資產——澳門巴黎人娛樂場淨收益同樣有逾80%跌幅,入住率亦大幅降至不足22%

長線優勢依然穩健

儘管疫情為集團帶來的打擊相當沉重,但影響屬於短中期因素。隨著疫情在澳門、中國內地有所緩和,最近中國政府公布全國公安機關出入境管理部門將會在923日起重啟內地居民赴澳門旅遊簽注辦理程序,有望重振澳門旅遊業,為賭場再次帶來人流。

金沙中國在澳門經營著定位優越的娛樂資產,目前更正進行22億元的資本投資計劃,其中包括「澳門倫敦人」項目,此類主題式娛樂資產在過去一直帶來穩定回報,新項目交付後不但可增加集團接待客人的容量,更可加強現有資產的吸引力,如澳門倫敦人實為金沙城中心的翻新及擴建項目。

結語

金沙中國在疫市大受打擊,但集團擁有的娛樂資產在過去一直帶來穩定回報,疫後復甦值得期待,目前正進行的資本投資計劃更有望加強集團的長線競爭力,長線投資價值吸引。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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