《大行報告》美銀證券上調澳博(00880.HK)目標價至12.8元 評級「買入」
美銀證券發表研究報告指,澳博(00880.HK)2020年第四季度經調整EBITDA虧損3.23億元,少過預期的4.05億元,期內貴賓博彩收入按季增長134%,中場博彩收入更按季度增長172%,澳博市場份額則由第三季度的20%下降至第四季度的11.5%。
報告指出,上葡京(GLP)預期於3月至第二季初取得批准,有望於第二季開幕,管理層透露開放規模方面具有靈活性,主要取決於市場復甦步伐。該行指出,公司成本有所節省,去年第四季每日運營支出減少至1,220萬元,預期將2,000名員工轉移到GLP後,成本可進一步降低至1,060萬元,預計GLP每日運營支出介乎700萬至1,000萬元。
美銀又指,訪客量和CNY趨勢:新葡京的每日訪問量從去年第三季2,300人上升到去末季的4,000人,在農曆年期間更進一步上升到7,000人,認為有關數據未完全反映在博彩收入之上,重申對澳博的「買入」評級,預期GLP新開業有助取得市場份額,並提升博彩收入。
美銀將2021至2022年盈測分別下調9%及上調4%,目標升至12.8元(原本12.1元),以反映第四季業績好過預期。
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