《大行报告》瑞信下调金界(03918.HK)目标价至12元 评级「跑赢大市」
瑞信发表的研究报告指,金界控股(03918.HK)第三季赌收按年跌43%,在贵宾厅规模上表现差过该行预期,而赢率亦低正常水平约2.67%,合计8月及9月份,中场规模回後至正常的93%水平,而贵宾厅则恢复至71%水平,跑赢区内同业,相信短期本地需求仍然是重点。
该行指出本地市场带动中场表现稳定,第三季赌台入场额按年跌42%,而电子博彩机投入金额则按年跌36%,而9月份表现维持强劲,分别达至疫情前96%及108%的水平,相信随着疫情受控,旅游措施的支撑及新娱乐场等均可成增长引擎。
该行认为公司的贵宾厅表现相对较波动,而8月份表现强劲主要是受惠本地需求带动,9月份已跌至疫情约45%的水平,认为随着关口逐步重开及内地在越南的投资等将带来帮助。
业绩过後该行将公司2020财年的盈利预测削18%,而2021年则稍降5%,目标价由12.5元降至12元,维持「跑赢大市」评级,认为公司在赌牌上独具优势,而且当地市场稳健,另外亦料将受惠旅游禁令放宽等。(el/k) ~
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