《大行報告》瑞信下調金界(03918.HK)目標價至12元 評級「跑贏大市」
瑞信發表的研究報告指,金界控股(03918.HK)第三季賭收按年跌43%,在貴賓廳規模上表現差過該行預期,而贏率亦低正常水平約2.67%,合計8月及9月份,中場規模回後至正常的93%水平,而貴賓廳則恢復至71%水平,跑贏區內同業,相信短期本地需求仍然是重點。
該行指出本地市場帶動中場表現穩定,第三季賭檯入場額按年跌42%,而電子博彩機投入金額則按年跌36%,而9月份表現維持強勁,分別達至疫情前96%及108%的水平,相信隨著疫情受控,旅遊措施的支撐及新娛樂場等均可成增長引擎。
該行認為公司的貴賓廳表現相對較波動,而8月份表現強勁主要是受惠本地需求帶動,9月份已跌至疫情約45%的水平,認為隨著關口逐步重開及內地在越南的投資等將帶來幫助。
業績過後該行將公司2020財年的盈利預測削18%,而2021年則稍降5%,目標價由12.5元降至12元,維持「跑贏大市」評級,認為公司在賭牌上獨具優勢,而且當地市場穩健,另外亦料將受惠旅遊禁令放寬等。(el/k) ~
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