《大行報告》匯豐研究下調澳博(00880.HK)目標價至2.8元 評級「持有」
匯豐研究發表報告指,澳博控股(00880.HK)上季業績遜預期,現有物業的復甦繼續令人驚喜,但上葡京即使虧損持續收窄,表現仍未達預期。雖然上葡京10月EBITDA轉為正數,但該行認為,在競爭更加激烈的情況下,擴大行銷團隊、建立客戶基礎、改善上葡京與路(乙水)金光大道其他地區之間的通達性和加強非博彩產品和管線都需要時間。因此,雖然該行續料上葡京物業EBITDA將於今年第四季達到收支平衡,但由於下調對上葡京預測,將2023至25年的整體集團EBITDA預測削減介乎2%至3%,目標價由3元下調至2.8元,維持「持有」評級。
報告稱,上葡京業務擴張仍是澳博能否獲估值重評的關鍵。該行表示,澳博預計上葡京將在2025或2026年達到5至6%市場份額的長期目標,管理層相信,屆時將已經完成所有計劃的短期和長期調整和升級。
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