新濠博亚娱乐(MLCO.O)摩珀斯酒店经营爬坡带动市占率提升维持增持评级目标价27.6美元
机构：广发证券
评级：增持
目标价：27.6 美元
核心观点：
贵宾及中场业务市占率提升, 物业 EBITDA 增长 24% 2 季度公司 GGR 同比增长 11.8%。其中，贵宾业务及中场业务 GGR 分别同比增长 4.3%及 26.3%，市场份额均取得提升。经调整物业 EBITDA 为 4.42 亿美元，同比增长 24.4%，经赢率调整后的物业 EBITDA 为 3.89 亿美元，同比增长 8%。除了贵宾业务的赢率影响外，本季度公司对所有 非管理层员工计提的一次性花红同比增加 1600 万美元，对新濠影汇商户 提供的一次性租金减免对 EBITDA 的负面影响为 1200 万美元。
新濠天地贵宾及中场业务均表现出色，仍有继续提升空间 2 季度新濠天地 GGR 同比增长 35.4%。其中，贵宾业务转码额及中 场业务毛收入显著扩张，这主要是因为二楼新贵宾厅开业以及摩珀斯酒店 继续经营爬坡。我们认为新濠天地仍有继续提升空间，主要由于新濠天地 仍在继续翻新高端中场及贵宾博彩区，公司利用摩珀斯酒店优化客户结构， 以及公司计划对颐居酒店及迎尚酒店进行翻新。
新濠影汇中场业务增长强劲，新濠影汇二期项目披露细节 2 季度新濠影汇继续专注于中场业务，中场业务毛收入同比增长 28.4%。这主要是由于公司有针对性地开展营销推广，以及新增的非博彩 选择使得物业更加具有吸引力。在季报电话会议中，管理层披露新濠影汇 二期项目的资本预算为 13.5-14 亿美元，目前土地的准备工作已经在进行。
盈利预测与投资评级 我们预计公司 19/20 年 EBITDA 为 14.6/15.7 亿美元。我们认为公司 贵宾业务及中场业务的市占率在2019年有望提升，维持股票合理价值27.6 美元/股，维持增持评级。
风险提示
外汇管制收紧的风险；来自亚洲其他国家赌场的竞争加剧的风险；市 场份额丢失的风险。
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