《大行报告》汇丰研究上调澳博(00880.HK)目标价至9.1元 评级「持有」
汇丰研究发表报告,指澳博(00880.HK)首季EBITDA录2亿元亏损,按年下跌119%,多於该行预期的4,000万元亏损,而期内并没有一次性影响因素,主要是公司的间接费用多於预期,以及受博彩收入急剧下降所拖累。管理层仍预期上葡京将会在2020财年底开幕。
虽然澳博的市场份额由首季的14.3%急增至4月份的40%,但由於4月份博彩收入按年下跌97%,今年第二季仍是一个充满挑战的季度。银团贷款获得六个季度豁免,令公司有更佳的流动性状况,管理层预期这能削减营运开支6%。
该行维持公司「持有」投资评级,目标价由原来的8.6元上调至9.1元。该行将公司2020财年的EBITDA下调15%,以反映业绩表现逊於预期,预期公司的经营业绩将继续落後於市场,直至上葡京开幕为止。
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