《大行報告》花旗下調澳博(00880.HK)目標價至10.5元 評級「買入」
花旗發表研究報告,指澳博(00880.HK)管理層在電話會議上表示「上葡京」仍有望在2020年底前開幕,意味著新型冠狀病毒對於建設的進度影響不大。項目的預算為390億元,並已在去年底動用了320億元。營運開支目前仍是每天約1,500萬元,低於正常水平約5至10%。管理層重申公司不需要負擔衛星賭場的任何經營虧損,而集團最近中止了與東方娛樂場的服務協議。
該行指,目前難以預測疫情爆發的情況會在何時完結。該行現時對澳博的博彩收益作出調整,以反映今年上半年澳門賭收將放緩至每天3.6億澳門元,以及被壓抑的需求會令第四季出現復甦,而這是基於澳門所有旅行限制將會在年中被取消。該行將澳博2020年的EBITDA預期下調約54%,純利預測下調約67%,將其目標價由原來的11.4元下調至10.5元。
由於該行仍對澳門的長遠增長前景有信心,以及相信「上葡京」的質素能為公司帶來實質性的EBITDA增長,因此維持其「買入」投資評級。
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