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《大行報告》摩通下調澳博(00880.HK)目標價至9.5元維持「中性」評級
阿思達克 08-01 14:35

摩根大通發表報告表示,澳博控股(00880.HK)次季業績令人失望,認為路(乙水)項目延至2020年下半年開幕加上預算增至50億美元等,在原本穩健的季績上添上陰影,而項目延遲將繼續挑戰投資者的耐性,該行認為考慮到現時其2020年預測市盈率逾12倍,而2021年預測市盈率僅9倍,予澳博控股「中性」評級,維持對澳博2019年EBITDA預測不變,但將2020年預測下調8%,以反映上葡京延遲開幕及預算提升等影響,將目標價由10.3元降至9.5元。

該行指,出倘撇除一次性影響,澳博次季業績表現穩健,EBITDA按季跌7%但年則升3%至10億港元,雖低於該行早前預測的10.5億港元,但來自博彩經營的EBITDA實際上按季升3%(按年升14%),跑贏該行預測約5%,但相關因素被非博彩項目及其他分部所抵銷。

在物業方面,新葡京EBITDA按季跌3%符預期,而其他自營賭場EBITDA則按季增6%,顯著跑贏預期,總體而言如撇除一次性影響其表現屬好過預期。

摩根大通指出,澳博次季博彩收入按季跌4%,按年則跌10%,差過行業整體水平,主要受貴賓廳市場份額下跌所拖累,而中場業務表現則穩健,博彩收入按季持平,按年則升8%。另外,公司正式宣布「上葡京」項目將延至2020年開幕(原先為2019年年底),預算提升至50億美元,管理層表示會嘗試在今年8/9月完成工程,意味有望在2020年下半年開幕,該行估算上葡京將於明年9月開幕,但即使再度延遲亦不感意外。 ~

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