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《大行報告》匯豐研究下調澳博(00880.HK)目標價至5元 評級「持有」
阿思達克 03-02 11:34
匯豐研究發表研報表示,對澳博(00880.HK)直接違約風險得到緩解感到鼓舞,但公司仍在努力敲定190億元再融資安排,認為在計劃有進一步進展前仍然是一個懸而未決的風險因素。該行認為,目前的經營環境下澳博上葡京綜合渡假村的發展具挑戰性,或推遲收支平衡,將2022年EBITDA預測下調32%,較市場預期低8%。 匯豐研究團隊表示,現時澳博擁有手頭資金40億元,另有未提取流動性13億元,認為違約風險暫時解除;澳門博彩法修訂案下管理層有信心滿足規定的50億元資本要求,至於衛星賭場或需關閉,澳博透露將評估項目投資回報率是否達到雙位數。 澳博去年第四季EBITDA虧損達6.11億元,按季下降33%,對比匯豐研究預期虧損為3.68億元。新葡京 EBITDA虧損擴大,上葡京表現亦遜於預期,主要由於營運開支增加及貴賓收入減少。期內非博彩業務則表現強勁,收入按季增長63%。 匯豐研究表示,澳博現價水平為2023財年企業價值對EBITDA比率約9.5倍,認為估值合理,將目標價由5.9元下調至5元,維持「持有」評級。
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