《大行報告》美銀證券下調澳博(00880.HK)目標價至4.1元 評級「中性」
美銀證券發表報告指,澳博控股(00880.HK)首季經調整EBITDA達3,100萬元,由於成本低於預期,令經調整EBITDA大幅超越該行預測,若計及衛星賭場業務縮減後的成本,EBITDA預料達到2億元。
期內公司淨收入按年增長58%至40億元,中場收入按年增長67%,貴賓廳收入則按年下降42%。美銀指,年初以來博彩投注額持續回升,3月份投注額佔首季博彩總收入的38%,而5月初至今中場投注額亦有所復甦,倘計及上葡京貢獻,則已達到2019年同期的110%。
管理層預計今年度資本支出約10億元,未看到再融資需求。美銀重申「中性」評級,考慮到上葡京增長較預期疲弱,將今明兩年EBITDA預測下調4%及5%,目標價由4.6元降至4.1元。
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