share_log

澳博控股(0880.HK):二季度业绩符合预期 上葡京开业前五天表现出色

Australian Expo Holdings (0880.HK): Second quarter results are in line with expectations and performed well in the first five days of Beijing's opening

方正證券 ·  Aug 4, 2021 00:00

The second-quarter results were in line with expectations, with a marked improvement in July: 2Q21 achieved gross gaming revenue of HK $2.853 billion (up 200.0% year-on-year and 7.6% month-on-month). Of this total, the gross income of the midfield business was HK $2.234 billion (up 240.7 per cent year-on-year and 13.8 per cent month-on-month), which was the main factor driving the recovery of the business. The VIP business's gross revenue was HK $370 million (up 115.1 per cent from a year earlier, down 23.7 per cent from a month earlier), while the market share of the VIP business fell to 4.5 per cent. 2Q21 has adjusted its EBITDA to-HK $191 million, which is in line with market expectations. In July, the gross revenue of the new Lisboa midfield business increased by 123% month-on-month, while VIP chip sales increased by 44% month-on-month, while benefiting from a higher win rate.

Operation of the first phase of facilities in Upper Lisboa: the first phase opened on 30 July and currently has 150 new midfield gaming tables approved by the Board of Commissions and is authorized to transfer gaming tables from other casinos to Lisboa. The board has also approved the installation of 1200 slot machines, which have been put into operation. In terms of non-gambling elements, seven restaurants have been put into operation, and four restaurants will open one after another in the coming year. The company is gradually opening up rooms on Hotel Lisboa, with 504 rooms currently available, and the Lafayette and Versace hotels will open in the second half of this year. At present, the daily operating cost of Lisboa is HK $4.8 million, which will increase to HK $9 million after the full opening. The company plans to transfer 1800 to 2000 employees from existing properties to Lisboa (1400 have already been transferred), which will reduce the daily operating costs of existing properties by HK $1.7 million.

It performed well in the first five days of its opening: it maintained about 10,000 visitors a day, about half of whom entered the gaming area. The occupancy rate and restaurant performance on Hotel Lisboa exceeded management expectations. In addition, the company is in the process of reactivating the inactive customers of the new Lisboa, most of which have been away for more than six months.

Profit forecast and investment rating: the company's 21-23 EBITDA is expected to be-HK $291 million, HK $4.71 billion and HK $7.64 billion, with a 22-year EV/EBITDA 13x (industry historical hub) with a corresponding fair value of HK $8.0 per share. Repeated global outbreaks have made Macau's gaming industry recover at a slower-than-expected pace and downgraded to the recommended rating.

Risk hints: the risk that the phased opening of Shanghai-Portugal and Beijing will be less than expected; the risk of tightening foreign exchange controls; and the risk that the COVID-19 epidemic will last longer than expected.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment