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《大行報告》高盛下調金界控股(03918.HK)目標價至8.1元 評級「 中性」
阿思達克 02-09 09:54
高盛發表研究報告指,金界控股(03918.HK)2021財年業績大致符合市場預期,2021財年下半財年EBITDA增長約500萬美元,主要由於旗下賭場於9月中旬起恢復運營。 高盛指,根據月度數據,金界平均每日中場及老虎機博彩收入於去年第四季恢復至40萬及20萬美元,但仍略低於去年首季的50萬及30萬美元水平,政策打擊中介人業務,令金界貴賓廳博彩總收入於第四季降至每日約30萬美元。 高盛透露,金界管理層在電話會議中表達出積極態度,預期業務將繼續增長,中場的賭桌投注買入額回升至去年11月及12月份的240萬及270萬美元,高端中場同樣有所改善,11至12月轉碼額達到940萬及1,030萬美元,超越去年1月份的890萬美元水平,預期中場的增長將彌補貴賓廳業務的不足。 高盛指,考慮到貴賓廳貢獻下降及Vladivostok項目延遲開放,將金界2022至2023財年EBITDA預測下調33%及18%,重申對金界「中性」評級,目標價相應由9.5元下調至8.1元,假設2022財年中場賭收恢復至疫情前水平的75%,預測全年EBITDA將達到3.63億美元,回覆到2019財年約54%水平。
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