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袁鉅文先生 (Aman Yuen)
經理

金融經濟系畢業, 從事股票衍生工具投資工作已有十年, 善於技術分析及期權買賣策略.歡迎各位來電交流心得
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澳門博彩控股有限公司 (880)

Thursday, September 23, 2021 Views6306

澳博控股有限公司(880.HK.)

簡介

澳博控股有限公司是一家主要從事博彩運營業務的香港投資控股公司。該公司主要通過兩個分部運營。 博彩業務分部從事賭場及相關設施的經營業務。該部門包括非常重要的人 (VIP) 業務、大眾市場業務和老虎機業務等。它經營著巴比倫賭場、Casa Real 賭場、鑽石賭場和皇宮賭場等。酒店及餐飲業務分部從事酒店經營業務,以及提供餐飲及相關服務。旗下酒店包括新葡京大酒店等。

財務摘要

截至 2021 年 6 月 30 日止六個月,澳博控股有限公司收入增長 19% 至 5.22B 港元。 淨虧損增加 4% 至 HK$1.47B。收入反映博彩業務分部增長 19% 至 5.08B 港元,酒店及餐飲業務分部增長 5% 至 1.452 億港元,入住率 - % 新葡京酒店從 18.9% 增長至 62.4%。淨虧損增加反映博彩業務分部虧損增加 3% 至 HK$1.24B。

前景展望

在5月中旬一次有外交部和國家衛健委官員參加的國務院會議上,北京決定暫時將邊境COVID-19疫情防控措施維持至2022年下半年,原因是中共「二十大」年底召開和明年二月舉行北京「冬奧」能夠順利完成。簽證只會發放接種中國疫苗的人,並維持入境後14日酒店強制隔離。而6月份開始國內個别成市有發現市民感染新型病毒,期中廣東省較為嚴重,多個城市需要做全民檢測,找出原頭。相信對澳門邊境開放有很大影響。短期會對博彩股價做成壓力。

 

另外,澳門政府已展開修改博彩法的公眾諮詢,澳博管理層估計澳門特區政府可能續批目前六個博彩牌照,澳門博彩稅率在區域範圍內已經很高,料進一步上調的空間應該有限。

濠賭股上周股價調整約20至40%,當中有三大主要因素,包括對派息政策、經營、提升澳門居民的持股,但指賭股的估值水平仍在歷史範圍中,同時預期未來盈利貢獻會更多來自非貴賓廳業務。相信澳門賭業未來需求復甦,會帶動中場收入高於2019年的表現,但目前疫情影響的情況持續時間高於預期,即令即使股價下跌


 


 

建議:

買入價:$5.26

目標價:$6

止損價:$5


 

本人 袁鉅文為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益

 

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