You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》瑞銀下調金界控股(03918.HK)目標價至3.8元 仍漸進復甦
阿思達克 12-08 10:24
瑞銀發表報告,將金界控股(03918.HK)今年至2025年各年EBITDA預測下調17%,目標價降約25%,由5.1元下調至3.8元,主要反映復甦較預期慢,以及該行對明年的展望較低。來自中國內地的旅客復甦緩慢,外界對柬埔寨安全的關注,令該公司今年首三季的業績持平,單計第三季度,博彩毛收入及EBITDA分別回復至2019年的30%及40%水平。明年中國對外航班運力改善,不過該行認為市場普遍的期望仍過分樂觀。 該行指,公司早前獲8,000萬美元股東貸款協議,相信明年股價不會受再融資風險拖累,雖然綜合渡假村設施Naga 3的資本開支減少,不過可供派息的自由現金流有限。現價相當於明年預測企業價值倍數(EV/EBITDA)約5.7倍,較長期平均值低一個標準差,在業務漸進復甦及派息受限下,估值仍吸引,維持「中性」評級。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account