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美銀美林:下調澳博(0880.HK)目標價至10.5港元 重申“買入”評級
格隆匯 10-08 11:37
美銀美林發表研究報告,指澳博(0880.HK) 股價於第三季跌16.2%,跑輸同業及大市,因其位於路氹的新項目“ 上葡京 ”已確定會延期至明年下半年,目前已大致完成建設,正等待第三季開業的批文,但由於中間涉及多個部門,故或需至年尾才完成,相信再大幅延期的機會不大,目標可於明年第三季開幕。目前估算,新項目將有助公司2019-21年的EBITDA及收入年複合增長率分別達17%及31%。
該行指,公司第三季中場表現見增長,而貴賓廳業務持續受壓,加上公司需要投放更多資源至新項目,故預期行政及推廣成本將在未來數季提升。該行相信直至新項目開業前,公司EBITDA可維持在10億港元左右。
該行預期,公司第三季經調整EBITDA按年升4.5%,按季則跌4.3%,該行下調集團2019及20年EBITDA預測分別3.1%及2.6%,以反映預期旅客量增長放慢致新項目貢獻降低,目標價由12.4港元降至10.5港元,意味仍有37%上行空間,重申“ 買入 ”評級。
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