Glonghui, May 11 | Morgan Stanley released a research report stating that it gave Aobo Holdings a “reduced holdings” rating, with a target price of HK$2.15. The company's adjusted EBITDA for the first quarter increased 23% quarterly to 864 million yuan, which was generally in line with the bank's and market expectations. This was due to the high profit margin of the VIP room; the net loss was about 74 million yuan, an improvement of 76% from quarter to quarter. The bank believes that if the stock price continues to rise this year, the market will also raise its forecast for this stock. The bank pointed out that excluding the one-time cost of 58 million yuan involved in starting the project, operating expenses for the first quarter increased by 3% quarterly, which is basically in line with peers. The share of midfielders increased by 50 basis points to 7.6%. In April, the market share of gaming gross revenue increased by 20 basis points, and the EBITDA of Lisboa reached 88 million yuan. Net debt remained flat at $23.5 billion on a quarterly basis, 6.4 times the EBITDA operating rate for the first quarter of 2024. Aobo expects to maintain capital expenditure and pledged investment of 1.5 billion to 1.6 billion yuan.