智通财经网·2025-09-09 07:48Core Viewpoint - Morgan Stanley has downgraded the target price for Austra Holdings (00880) from HKD 3 to HKD 2.8, maintaining a "Reduce" rating due to disappointing interim results and expectations of market share loss [1][2] Group 1: Target Price and Ratings - The target price for Austra Holdings has been reduced to HKD 2.8 from HKD 3 [1] - The company is rated as "Reduce" by Morgan Stanley [1] Group 2: Financial Performance and Projections - The expected free cash flow equity (FCFE) yield for 2026 is projected at 8.5% [1] - EBITDA forecasts for Austra Holdings have been cut by 21% for this year and 8% for next year, with earnings per share estimates reduced by 81% and 24% respectively [2] - The company needs an 18% growth rate in EBITDA for the first half to meet market expectations for the full year, which may lead to further downward adjustments [2] Group 3: Market Position and Competitiveness - Austra Holdings is expected to lose market share, with a projected second-quarter market share of 7.7% compared to 9.3% in 2024 [1] - Competitors such as Sands China (01928), Galaxy Entertainment (00027), and MGM China have market shares of 24%, 19%, and 16.9% respectively [1] Group 4: Financial Health and Debt Levels - The company's net debt is 6.5 times its EBITDA, the highest among peers, while Sands China and MGM China have net debt to EBITDA ratios of 2.8 times and 2 times respectively [1] - The predicted enterprise value to EBITDA multiple for Austra Holdings is 13 times, with a free cash flow yield of only 4.1%, the lowest in the industry [2]