《大行報告》瑞信下調澳博(00880.HK)目標價至8.2元 評級「中性」
瑞信發表研究報告,指澳博(00880.HK)去年第四季EBITDA按季增25%至11.85億元,撇除一次性項目,相信核心EBITDA符預期,EBITDA率亦因貴賓廳贏率和一次性項目錄改善。
該行指,公司貴賓廳市佔率增加,賭收按季升16%,贏率為3.9%,轉碼數跌8%,主因衛星賭場表現所拖累,中場市佔率亦見上升,賭收按季升2%,新葡京亦見升5%。
該行又指,管理層預期賭場重開後人流較弱,集團前景存不確定性,其日均營運開支為5,000萬元,目前在營運方面節省5-10%成本,至於上葡京方面,開業的日子目前維持在今年內,但需視乎政府批文。
該行下降集團2020至21年EBITDA 1-5%,以反映成本情況,目標價由8.6元降至8.2元,對新項目維持正面看法,但對開業時間持審慎態度,維持「中性」評級。
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