《大行报告》摩通下调澳博(00880.HK)目标价至9.5元维持「中性」评级
摩根大通发表报告表示,澳博控股(00880.HK)次季业绩令人失望,认为路(乙水)项目延至2020年下半年开幕加上预算增至50亿美元等,在原本稳健的季绩上添上阴影,而项目延迟将继续挑战投资者的耐性,该行认为考虑到现时其2020年预测市盈率逾12倍,而2021年预测市盈率仅9倍,予澳博控股「中性」评级,维持对澳博2019年EBITDA预测不变,但将2020年预测下调8%,以反映上葡京延迟开幕及预算提升等影响,将目标价由10.3元降至9.5元。
该行指,出倘撇除一次性影响,澳博次季业绩表现稳健,EBITDA按季跌7%但年则升3%至10亿港元,虽低於该行早前预测的10.5亿港元,但来自博彩经营的EBITDA实际上按季升3%(按年升14%),跑赢该行预测约5%,但相关因素被非博彩项目及其他分部所抵销。
在物业方面,新葡京EBITDA按季跌3%符预期,而其他自营赌场EBITDA则按季增6%,显着跑赢预期,总体而言如撇除一次性影响其表现属好过预期。
摩根大通指出,澳博次季博彩收入按季跌4%,按年则跌10%,差过行业整体水平,主要受贵宾厅市场份额下跌所拖累,而中场业务表现则稳健,博彩收入按季持平,按年则升8%。另外,公司正式宣布「上葡京」项目将延至2020年开幕(原先为2019年年底),预算提升至50亿美元,管理层表示会尝试在今年8/9月完成工程,意味有望在2020年下半年开幕,该行估算上葡京将於明年9月开幕,但即使再度延迟亦不感意外。 ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.