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《大行》高盛料澳博(00880.HK)收購衛星場或提振EBITDA最多32億元 維持「買入」評級
阿思達克 06-11 15:48
高盛研究報告指,澳博(00880.HK)將關閉旗下9間衛星場,並收購當中2間。該9間衛星場佔行業整體博彩淨收入(GGR)約5%或110億元,但僅佔集團去年EBITDA 1%或4,200萬元;9間衛星場分別有約440張賭檯及300部老虎機,佔集團整體約36%及19%。設備將重置於旗下其他賭廳,如上葡京目前僅有約210張賭檯運作,但可容納多於300張賭檯。該行維持「買入」評級及目標價3元。 報告指,假設集團可保留兩個衛星場1%至5%的GGR市場份額,而每日營運支出為60萬美元,估計對集團EBITDA影響介乎減少7億至增加32億元,以百分比計料介乎減少21%至增加56%。至於收購價格,集團指會以酒店和租賃物業的價格作為基準,因如果沒有集團的博彩特許權,該物業亦無法產生博彩收入或利潤。根據公開資料,兩個衛星場總樓面面積分別約為12.7萬及8.3萬平方米,相當於若408間或283間酒店房,參考澳門其他酒店的價格估算約為每平方米2.7萬元。 截至今年首季,集團有220億元淨負債,淨負債比率為5.9倍。管理層透露會透過借貸及手上現金來收購兩個衛星場,沒有計劃通過發行股本來融資。管理層亦未有恢復派息的時間表,但該行料不早於2026財年。
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