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大摩澳博(0880.HK)次季EBITDA符预期上葡京项目推迟负面
格隆汇 07-31 11:19

大摩发表研究报告指,澳博(00880.HK)季度表现平平无奇,EBITDA符预期,中场收入持平,而贵宾厅业务下跌。上葡京项目延至2020年下半年(大摩预期在第四季),成本需增加30亿元至390亿元。尽管估值偏低,但短期负面,维持“与大市同步”评级,目标价8.5港元。

该行指,若将第二季的表现年化,其EV/EBITDA倍数为12倍,市盈率为15倍,估值合理,但对比同业估值并不吸引,自由现金流率及派息亦无惊喜,路(乙水)项目的延期亦令短期受压。

该行又指,因应上半年EBITDA达到全年预期的53%,故今年风险有限,但明年因预期有10亿元的贡献来自新赌场,故影响会较明显,预期券商会调低预测20%。

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