2010年3月澳大利亚博彩行业研究报告

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【出版时间及名称】：2010年3月澳大利亚博彩行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：96
        【目录或简介】：

Investment conclusion: After one to two years of
uncertainty due to licence sales and restructuring in
Wagering, the Gaming sector should gain a relative level
of certainty by mid-year after three more key issues are
resolved. These are: the sale of the new Victorian
Wagering licence; a court judgement on legal
challenges to NSW race field fees; and the Productivity
Commission’s final report on gambling. TTS’s
successful bid for NSW Lotteries earlier this week
resolved another of the sector’s outstanding issues. In
our opinion, once all these factors have been dealt with,
investors should have a better outlook on the sector’s
overall landscape and, importantly, how each company
fits within that. Moreover, the shape and future of TAH
and TTS, in particular, should become clearer.
Reporting season mainly straightforward: In general,
the 1H F2010 results for CWN, TAH and TTS, as well as
the full-year C2009 result for ALL, broadly met our
expectations, with a handful of surprises on the margins.
Nevertheless, we revised down our EPS forecasts for all
four companies under our universe of coverage. The
biggest takeout for us was the weakness in Victorian
Gaming (machines), which negatively affected both TAH
and TTS.
Order of preference: Our preferred pick in the sector is
CWN (OW). We like CWN’s double-digit EPS growth
profile, strong balance sheet and access to debt facilities
for new opportunities. Our next preferred stock is ALL
(EW), due to our expectation that the North American
gaming machine market should turn around in C2011.
TTS (EW) and TAH (UW) are our least preferred stocks.
What’s next: Who will win the new Vic Wagering
licence? An announcement is expected by mid-year.
TAH is favourite as the incumbent licence holder and
TTS’s balance sheet, in our view, is now limited
following its A$850m NSW Lotteries acquisition.

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关键词：行业研究报告 研究报告 行业研究 澳大利亚 Productivity 研究报告 行业 澳大利亚 博彩