《大行報告》大和下調澳博(00880.HK)目標價至8.5元 評級「持有」
大和發表研究報告,指澳博(00880.HK)維持上葡京今年年底開業的預期,同時會在今年3月底與其衛星賭場東方娛樂場中止合約。在社交距離限制和賭牌於2022年到期的情況下,對公司半島賭場的可見性存疑,維持對公司「持有」評級,目標價由9.7元降至8.5元。
該行指,在社交距離下,半島的賭場將面臨盈利下降的風險,公司盈利亦有下行的可能,因其大部份的賭場都位於半島。雖然上葡京有助其擴展至路(乙水),但對今年的影響不大。
該行又指,相信開業的日期會受疫情影響,同時擔心有形債務增加,東方娛樂場的關閉錄2.7億元一次性EBITDA損失,而未來新賭牌的條約下,衛星賭場是否能繼續經營仍是未知素,故有潛在提升一次性負債的可能。
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