华泰金融(HK):给予新濠国际发展(00200.HK)“买入”评级 目标价5.60港元
华泰金融(HK)11月8日发布公告。Macao’s gaming revenue could rebound to c 80% of the 2019 level in 2024 on our estimates. While footfall has exceeded pre-pandemic levels, contributions to gaming revenue remain to be seen. Although Melco International Development has responded to the transformation of Macao by ramping up efforts in non-gaming businesses, its Macao arm has seen a slower GGR recovery vs the sector and sequential declines in VIP and mass revenue. We thus continue to value the stock at 7.0x 2025E EV/EBITDA, below its Macao peers’average of 8.7x on Bloomberg consensus. Our target price is HKD5.60. BUY.
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