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澳門逐步放寬出入境措施 銀娛金沙可再追?

內地赴澳旅遊逐步放寬,有利銀娛(SEHK:27)及金沙中國(SEHK:1928)兩大龍頭業務復甦。現時可繼續追? – Ctai strip Macau Galaxy earnings dividends

澳門賭業在疫市中成為重災區,全球旅遊陷入寒冬,主力為旅客提供娛樂消費的賭場陷入低潮。最近澳門賭業傳來好消息,內地及澳門將逐步放寬出入境措施,有利兩大澳門賭場龍頭業務復甦,銀娛(SEHK27)及金沙中國(SEHK1928)均錄得可觀升幅。現在買會否太遲?

過去疫情衝擊強烈

自疫情爆發以來,澳門賭場收入幾乎歸零。以最近公布第二季業績的金沙中國為例,集團在期內收入錄得約98%跌幅,旗下三大核心資產——澳門威尼斯人,金沙城中心,及澳門巴黎人均錄得99%以上的收益倒退。疫情中旅遊產業陷入停頓,而澳門本地市場對於賭博需求不大,旅客無法訪澳,賭場收入受挫是理所當然。

兩大龍定位優質

以上提到金沙中國旗下賭場資產在過去一直帶來可觀回報。在2015年至2019年間,金沙中國的收入增加近3成,去年資產回報率有近17%,股本回報率更超過40%

至於另一賭場龍頭——銀娛,集團旗下的賭場資產同樣定位優越,旗下三大核心項目——澳門銀河澳門百老匯澳門星際酒店2019年錄得近100%酒店入住率,反映旅客需求持續。疫情雖然為這兩大龍頭帶來衝擊,但與賭場品牌、賭場資產的質素沒有直接關係。只要旅遊放寬,遊客重臨澳門,定位優越的賭場人流重振,收入復甦確定性高。

澳門旅遊復甦在即

最近澳門旅遊業傳出好消息,隨著疫情在中國內地有所緩和,澳門政府宣布獲港澳辦通知,由812日起,珠海居民赴澳旅遊簽注將會恢復。積累多個月的旅遊娛樂消費力有望釋放在澳門旅遊產業之上,賭場營運狀況雖然難以迅速回復至疫前水平,但對於收益接近歸零的賭場來說已是重大利好事件。

澳門作為中國最大賭場,疫後內地旅客重臨澳門的確定性相當高。事實上,在疫前的訪客人次有逾70%源於中國內地。目前全球政治局勢不穩,中國旅客出國旅遊意欲或受挫,作為中國旅遊渡假勝地之一的澳門有望受惠,訪澳意欲或會勝於疫前,澳門賭業回復正常的憧憬亦越來越近。

結語

疫情在過去為澳門賭業帶來沉重打擊,隨著疫情緩和,今次珠海居民赴澳旅遊簽注恢復或是澳門賭業復甦的重要第一步,經營著龐大的娛樂資產組合的銀娛及金沙中國有望成為贏家。

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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