《大行報告》匯豐研究下調澳博(00880.HK)目標價至3.8元 評級「持有」
匯豐研究發表報告指,澳博(00880.HK)首季的EBITDA轉正,利潤率帶來驚喜,但博彩收入比該行預期低28%。期內,上葡京(GLP)的中場市場份額仍低於1%,未來幾個季度開設的新酒店客房和博彩設施應有助於GLP進一步提升,預計GLP將在今年第三季實現收支平衡,中場市場份額約爲3%,但來自其他新開業酒店的潛在競爭可能會增加風險。
另外,該行提到,與2022年底相比,澳博的自由現金流在今年第一季略升,雖然今年的資本支出預算爲10億元,但管理層認爲現金流足夠支撐,近期無融資壓力。
該行將集團2023至25年的收入預測分別下調17%、8%及9%,但由於首季業績強於預期而上調利潤率預測。該行預期,整體2023年EBITDA爲增長5%,但2024及25年的EBITDA預測則略微下調4%和5%。目標價由4.1元下調至3.8元,維持「持有」評級。
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