《大行報告》瑞信下調金界(03918.HK)目標價至11元 評級「跑贏大市」
瑞信發表研究報告,指出金界(03918.HK)的業務在11月底受到當地爆發疫情爆發影響而短暫中止,但在1月份情況緩和後開始變得穩定。據該行的渠道調查顯示,貴賓廳的人流應會維持在約2019財年的約30至40%水平,中場則維持在80至90%。高端中場板塊維持穩健。
該行續指,雖然仍有有限的玩家飛到柬埔寨,但相信強勁的當地需求應該會繼續成為其短期支撐。隨著該國開始接種疫苗,料往後營運影響會進一步減低、長期復甦的可見度提升,加上政府對未來幾年吸引外資及遊客的態度會更正面。
由於疫情阻礙復甦,該行將公司2020至2022年的EBITDA下調2至19%,目標價由原來的11.6元下調至11元。維持「跑贏大市」投資評級。
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