Core Viewpoint - Morgan Stanley's research report indicates that the EBITDA for 澳博 (Aubo) in Q3 was HKD 881 million, representing a quarter-on-quarter increase of 28% but a year-on-year decline of 15%, aligning with the bank's and market expectations [1] Financial Performance - The market share in the mid-market segment decreased by 110 basis points, primarily due to the underperformance of satellite casino operations [1] - The expected full-year EBITDA for the group is HKD 3.529 billion, implying a required quarter-on-quarter growth of 14% to reach HKD 1.002 billion in Q4, which the bank considers to be an optimistic forecast [1] Debt Levels - The group's net debt reached HKD 21.8 billion in Q3, with a net debt to EBITDA ratio of 6.2 times over the past 12 months, the highest in the Macau industry [1] - The bank anticipates that the completion of the acquisitions of 凯旋门 (The Parisian) and 十六浦 (Sixteen Piers) satellite casinos in Q4 will further increase the debt ratio [1] Investment Rating - Morgan Stanley has set a target price of HKD 2.8 and assigned a "Reduce" rating for the stock [1]
大行评级丨大摩：澳博第三季EBITDA符合预期 评级“减持”
Ge Long Hui·2025-11-13 06:33