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《大行報告》瑞信下調金界(03918.HK)目標價至11元 維持「跑贏大市」評級
阿思達克 02-11 09:51
瑞信發表的研究報告指,金界控股(03918.HK)因本地疫情在去年11月尾爆發,業務暫時受影響,情況在1月份陸續回穩。據該行的渠道調查,貴賓廳規模回復至2019財年的30-40%水平,中場則維持在2019財年的80-90%水平,高端中場繼續穩健。

雖然到訪柬埔寨的玩家有限,不過認為本地需求強勁將為短期帶來支撐,加上當地開始接種疫苗,估計對營運的影響將逐步減退,受惠政府對吸納海外直接投資及旅客的取態,料長遠復甦亦將有較高的可見性。

財務上公司受惠成本結構優勢,據該行估算如新的博彩稅到位,公司僅需疫情前三成的博彩收入就能達到EBITDA收支平衡水平,低於現時所需的五成水平。不過考慮爆發拖累到復甦,將公司2020-22年EBITDA削2-19%,目標價由11.6元降至11元,維持「跑贏大市」評級。(el/u) ~

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