《大行报告》瑞银上调金界(03918.HK)目标价至11.5元 评级「买入」
瑞银发表研究报告,指金界(03918.HK)管理层在路演中表示,现时本地高端中场客户需求强劲,令人意外;预期因疫情关闭的时间将较短,旗下3,000名员工将於本周完成检测;资产负债表强劲,可抵销重开时间的不确定性。
该行指,公司目前正针对高端中场客户的潜在增长作部署,虽然相关赢率下降,但贡献由去年首季的30%增至下半年的37%。公司正计划透过提升现有客户的收益,将普通中场客升级至高端中场,高端中场升至VIP;同时於下半年在Naga1中新增高端中场区域。
该行又指,公司今年资本开支为2至2.3亿美元,当中Naga3占1.7亿美元,而去年第四季日均经营开支为每日32万美元,料短期内可以维持,同时计划可永久下降10-15%的开支。
该行升目标价7%至11.5元,以反映更强的高端中场业务表现,评级「买入」。
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