麦格理下调澳博(0880.HK)目标价至10港元评级“跑赢大市”
麦格理发表报告表示,由于澳博控股(00880.HK)旗下综合度假村「上葡京」延期开幕,影响2019年及2020年的EBITDA,从而令该股现价显得较贵。

报告认为,最近不少券商调整其今明两年的EBITDA预测,至介乎约41亿至46亿元,以此计算,该公司现价分别相当於2019及2020年市盈率的11.5倍及10倍,属同业低水平。然而,而澳博因企业管治问题及薄弱的增长前景,该股估值向来与同行存在很大的折扣,故现价意味着已反映2020年的增长。
不过,该行相信,澳博的估值仍处吸引水平,尤其是该公司在目前环境下维持EBITDA增长及市场份额优於大部分同行。事实上,自2017年第四季度以来,澳博的市场份额相对持平。而该行估计,「上葡京」要到2020年第四季才开幕,故将目标价由11港元下调至10港元,维持“跑赢大市”评级。
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