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《大行报告》瑞信上调金界(03918.HK)目标价至12元 评级「跑赢大市」
阿思达克 03-10 09:49
瑞信发表研究报告,指金界(03918.HK)去年业绩胜预期,纯利录1.02亿美元,高於该行预期的8,700万美元,派特别息属惊喜,在本地需求带动下去年下半年复苏稳固。考虑去年末季胜预期,及假设今年有一个月将暂停营业,该行下调金界今年盈测13%,明年则上调11%,目标价由11元升至12元,维持评级「跑赢大市」。

报告称,末季贵宾厅中介人受柬埔寨去年11月起疫情反弹隔离措施收紧所影响,但直营贵宾厅业务向好,下半年日均投注额按年改善;由於防疫限制影响赌客平均驻足时间10%至20%,末季赢率仍低企,该行料疫情後有复苏空间。

瑞信表示,末季中场赌收达疫情关闭前的85%,即使访客减少,高端中场仍领导复苏。日均经营开支维持约32万美元低位。现时5.07亿美元现金水平料足以抵御近期自愿停业带来的短期影响。Naga3项目正在推展,俄罗斯项目则料受疫情封城所影响。

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