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《大行報告》瑞信下調澳博(00880.HK)目標價至2.9元 評級「中性」
阿思達克 08-05 09:51
瑞信發表研究報告指,澳博控股(00880.HK)宣布50億元融資計劃,涉及由大股東澳娛提供20億元無抵押定期貸款,為期6年,以及進行「四供一」供股,籌集最多30.3億元。 該行表示,雖然股東貸款及配股計劃顯示出大股東的支持,但由於市場一直預期澳娛會直接提供50億元貸款,因此對配股計劃感到驚訝。 瑞信預期,除計及新賭牌所需資金外,澳博亦已考慮到復甦前景不確定性,認為最近賭企公布的股東貸款,顯示出行業都面對資產負債表緊張及前景疲軟的挑戰,而目前債券及股票市場之間呈「脫節」,若情況持續下去,部分博企明年債券再融資時可能會面對困難,或需要提高票息率。 瑞信維持澳博的「中性」評級,由於第三季表現疲軟,將今年EBITDA預測下調1%,目標價由3.5元下調至2.9元,以反映股份稀釋及利息開支上升預期。
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