《大行報告》瑞信上調金界(03918.HK)目標價至12元 評級「跑贏大市」
瑞信發表研究報告,指金界(03918.HK)去年業績勝預期,純利錄1.02億美元,高於該行預期的8,700萬美元,派特別息屬驚喜,在本地需求帶動下去年下半年復甦穩固。考慮去年末季勝預期,及假設今年有一個月將暫停營業,該行下調金界今年盈測13%,明年則上調11%,目標價由11元升至12元,維持評級「跑贏大市」。
報告稱,末季貴賓廳中介人受柬埔寨去年11月起疫情反彈隔離措施收緊所影響,但直營貴賓廳業務向好,下半年日均投注額按年改善;由於防疫限制影響賭客平均駐足時間10%至20%,末季贏率仍低企,該行料疫情後有復甦空間。
瑞信表示,末季中場賭收達疫情關閉前的85%,即使訪客減少,高端中場仍領導復甦。日均經營開支維持約32萬美元低位。現時5.07億美元現金水平料足以抵禦近期自願停業帶來的短期影響。Naga3項目正在推展,俄羅斯項目則料受疫情封城所影響。
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