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《大行報告》匯豐研究下調澳博(00880.HK)目標價至3.7元 評級「持有」
阿思達克 08-22 09:25
匯豐研究發表報告指,澳博控股(00880.HK)的澳門上葡京綜合渡假村(GLP)擴張在一定程度上受到人員短缺的限制。澳博仍在招聘更多非博彩員工,並預計在今年第四季開放所有酒店客房。該行指,GLP其他值得關注的是集團的連通能力及非博彩產品。該行將其下半年物業EBITDA預測削減2%,但基本維持GLP和集團整體2024及25年的EBITDA預測不變。該行考慮到較高的利息支出和較高的資本開支後,將公司目標價由3.9元下調至3.7元,維持「持有」評級。 該行表示,澳博7月份的博彩收入按月增9%,與行業基本一致。而根據7月和8月數據,GLP的市場份額約為2%,已達到盈虧平衡並產生正EBITDA。管理層認為,隨著公司聘用更多營銷人員,該市場份額可能會擴至介乎3%至3.5%。通過提供更多非博彩選項和注重營銷,將路(乙水)城的贏率從目前的約15%提高至22%,亦有助於酒店獲得市場份額。GLP的長期市場份額目標為介乎5%至6%,而該行料其將在明年達到4.1%。
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