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时富金融：澳BO控股市占率第一 估值仍较低廉
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http://image.sinajs.cn/newchart/hk_stock/daily/00880.gif, z1 Y& O$ ^& S
查看最新行情8 d3 _: Q" m+ `
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[font=Times New Roman] 时富金融[/font]3 [* D6 S/ Y8 [4 W& P/ L+ L
[font=Times New Roman] 澳门博彩控股有限公司（00880.HK）旗下附属公司（澳BO）主要从事相关娱乐场、博彩、酒店餐饮等业务。集团旗下设有17 家娱乐场，内设贵宾厅、中场赌台及角子机三项主要博彩业务。另设4 家角子机娱乐场，同时持有营运五星级DC酒店——新葡京酒店、及持有半数股权的澳门十六铺索菲特[color=#0000ff]大酒店[/color]([color=green]14.04[/color],[color=green]0.12[/color],[color=green]0.86%[/color],[color=#0000ff]经济通实时行情[/color])。[/font]
. D: A. }% l- C0 l* J- G5 E[font=Times New Roman] [b] 2010年收益大幅增长，好于行业平均水准。[/b]2010年上半年，贵宾厅、中场赌台、角子机、酒店餐饮收益分别占比达66.18%、31.06%、2.02%、0.74%。上半年集团贵宾博彩收益同比增长111.4%，高于地区整体博彩市场84.6%的增幅。中场赌台博彩收益同比增长39.6%，高于整体中场博彩市场36.1%的增幅。下半年更有较好表现。预计2010 年全年博彩收入增长可达55%。[/font]6 ?; ?$ l# F! J! h/ T
[font=Times New Roman][b] 未来行业规模受限，市占率第一优势保其利润增长。[/b]行业扩张规模受限，利好赌枱数目最多的[color=#0000ff]澳BO控股[/color]([color=red]14.66[/color],[color=red]-0.32[/color],[color=red]-2.14%[/color],[color=#0000ff]经济通实时行情[/color])，其在澳门博彩市场之赌台市占率排名第一。2010 年上半年，旗下贵宾厅博彩业务及中场博彩业务毛收入占行业总收入的30%、41%，较2009 年同期均有小幅增长。[/font]7 h7 r: ]3 ]* _: w$ b$ i
[font=Times New Roman] [b] 内部赌台合理配置，促其利润最大化。[/b]截止到2010年6月，澳BO拥有1783张赌台，占澳门赌台总数的36%。未来集团将会根据娱乐场之间、贵宾赌台与中场赌台之间的收益情况进行合理调配，以求收益最大化。同时，通过安装新资讯科技系统（包含客户关系管理、赌台管理系统）有效提升娱乐场的效率及缩减相应人力成本，以保证博彩业务收益更为稳健。[/font]
; q7 _# l. m5 f, |, O[font=Times New Roman][b] 充裕的后背资金助其多元发展。[/b]08、09年多家博彩企业饱受重创，澳BO控股稳健的财政状况助其度过难关且实现盈利。2010 年上半年，集团银行结余及现金总额同比增长90.67%，充裕的现金流有助于集团未来在多元产业的规划与发展。[/font]
' A1 U# g; ~( p6 B8 a[font=Times New Roman][b] 估值较低，目标价为14.8港元。[/b]预测集团2010年、2011年EPS可达0.62港元、0.74 港元。以现价计算，预计澳BO2010 年EV/EVITDA 为13.05 倍，较其上市同业平均水准23.54倍有较大折让；2010年PE为19.45倍，行业平均值则为25.06倍。鉴于集团目前市占率第一，受益于博彩市场规模受限，未来较长时期内，集团仍将维持较大市场分额。目前其股价对应的估值较其他4 家在港上市的博彩公司仍为便宜。[/font] |
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