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《大行》富瑞料澳博(00880.HK)關閉衛星賭場對其EBITDA影響有限 評級「持有」
富瑞發表研究報告,認為澳博(00880.HK)就關閉衛星賭場一事對其EBITDA影響有限,但可能影響其市場份額,因這些衛星賭場合計佔澳博銷售額的近40%。但該行認為將賭桌重新分配至其自營賭場(包括澳門上葡京)可能有助於澳博改善其利潤率結構。該行將澳博目標價定為2.5元,予「持有」評級。 富瑞表示,經過深入分析,澳博計劃收購澳門凱旋門賭場及十六浦賭場所在物業(仍在談判中),並將於2025年12月31日服務協議到期時,停止其他七家衛星賭場的營運(包括皇家金堡娛樂場、英皇宮殿娛樂場、財神娛樂場、君怡娛樂場、金碧匯彩娛樂場、置地娛樂場及勵宮娛樂場)。 報告提及,澳博指,所有衛星賭場的設備將重新分配至澳博的自營賭場(包括澳門上葡京)。所有在衛星賭場工作的澳門居民將獲得澳博內部的職位,現有員工將保留工作並根據營運需求重新分配,而本地非員工將被邀請申請合適的職位。 富瑞認為,衛星賭場的銷售額在2024年及2025年首季各佔澳博的38%;衛星賭場對澳博的EBITDA貢獻在2024年為1.1%,2025年首季為8.2%。衛星賭場的EBITDA利潤率在2024年為0.4%,相較之下,澳博整體為13%,澳門上葡京為9%。該行認為,將賭桌重新分配至澳門上葡京可能有助於澳博改善其利潤率結構。但這可能對澳門整體環境產生負面影響,因這些物業周邊的人流可能因賭場關閉而減少,進而可能影響該區域的商業活動,並可能對當地就業產生連鎖效應。
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