《大行報告》美銀證券下調澳博(00880.HK)目標價至4.6元 評級「中性」
美銀證券發表報告,下調對澳博控股(00880.HK)2023年及2024年年除息稅折舊及攤銷前溢利(EBITDA)預測各30%及11%,基於上葡京項目開放較預期慢,目標估值相當於企業價值倍數仍為10至12倍,該行降澳博目標價由4.9元降至4.6元,維持「中性」評級,基於濠賭業復甦利好或被上葡京復甦緩慢抵銷。
該行又指,澳博去年第四季經調整EBITDA虧損達9.52億元,差於該行預期的虧損4.88億元及市場預期的虧損7.26億元,受中場收入遜預期影響。
在扣除結束衛星賭場的1.44億元減值後,澳博季度經調整EBITDA為虧損8.08億元。澳博季度收入按季升48%至15.22億元,其中貴賓廳及中場收入分別按年升1.5倍及47%,澳博在博彩市場市佔按季跌3.5個百分點至14.2%,中場市佔按季跌5.3個百分點至17.4%。
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