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《大行报告》瑞信下调金界(03918.HK)目标价至11元 维持「跑赢大市」评级
阿思达克 02-11 09:51
瑞信发表的研究报告指,金界控股(03918.HK)因本地疫情在去年11月尾爆发,业务暂时受影响,情况在1月份陆续回稳。据该行的渠道调查,贵宾厅规模回复至2019财年的30-40%水平,中场则维持在2019财年的80-90%水平,高端中场继续稳健。

虽然到访柬埔寨的玩家有限,不过认为本地需求强劲将为短期带来支撑,加上当地开始接种疫苗,估计对营运的影响将逐步减退,受惠政府对吸纳海外直接投资及旅客的取态,料长远复苏亦将有较高的可见性。

财务上公司受惠成本结构优势,据该行估算如新的博彩税到位,公司仅需疫情前三成的博彩收入就能达到EBITDA收支平衡水平,低於现时所需的五成水平。不过考虑爆发拖累到复苏,将公司2020-22年EBITDA削2-19%,目标价由11.6元降至11元,维持「跑赢大市」评级。(el/u) ~

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