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《大行報告》大摩升金界(03918.HK)評級至「增持」 目標價上調至7.3元
阿思達克 09-07 09:59
大摩發表的研究報告指,料疫苗接種率較高有利賭場第四季重開,將金界控股(03918.HK)評級由「與大市同步」升至「增持」,目標價由7元升至7.3元。該行指出考慮到接種率提升及封城致經濟轉弱,料商業及學校有望在第四季重啟。據公開數據,以現時的速度來看,估計柬埔寨在10月之前接種率可達八成,而當地或採取與新加坡類似的彈性政策,而非「清零」。 該行指出去年下半年及今年首兩月,金界貴賓廳規模及中場收入分別達疫情前的55%及63%,而旅客量僅為2019年水平的3%,估計受惠成本管控和延遲資本開支措施等,期內公司股權自由現金流(FCFE)錄正數,料今年第四季金界可產生2.8億美元收入,博彩稅後EBITDA則為8,100萬美元。 該行認為考慮到將逐步復甦,其估值看似便宜,現時估計下半年國際收入(中國以外)將開始重返,而2022及23年料博彩收入將分別達2019年水平的70%及80%。(el/u) ~
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