The Zhitong Finance App learned that Bank of America Securities released a research report stating that it maintains the “lower than the market” rating of Aobo Holdings (00880), believing that although the Group's execution has improved and the Macau Grand Lisboa Integrated Resort (GLP) has finally reached break-even, competition is still fierce. Therefore, GLP growth is expected to slow, with a target price of HK$2.3.

According to the report, the company recorded an adjusted EBITDA of 700 million yuan in the fourth quarter of last year, 5% lower than the bank's forecast, but higher than market expectations, returning to 59% before the epidemic. During the period, total gaming gross margin increased 10% quarterly to 6.3 billion yuan, to 63% of the same period in 2019; market share declined slightly by 1 percentage point to 12%. For the full year, total gaming gross margin recovered to 53% before the epidemic, and the market share fell 2.2 percentage points to 11.9%. The Group announced a net loss of 2.01 billion yuan for the full year, which was higher than the forecast of the bank.