瑞銀:升金界控股(3918.HK)目標價至13.2港元 評級“買入”
瑞銀髮表研究報告,指金界(03918.HK)第三季業績顯示賭收升16%,雖然升幅慢於預期,但主要由其幸運因素基數較高所致。在營運上,亮點是中場博彩收益升49%至4.68億美元,因Naga2高端中場業務持續增長。Naga 2中場賭場日均收益接近8,000美元,當中主要由商務客帶動。貴賓廳轉碼數按年升30%至107億美元,大致符合預期,主因兩大澳門中介人於今年首季進駐所帶動。
該行指,集團首九個月賭收按年增長29%,現時EBITDA預測有望提升。該行預期,第三季賭收及毛利按年增33%,高於上半年31%的增長。
該行又指,公司重申新的税法會於2020年上半年實行,Naga 1於第四季增加250間翻新房間,及明年上半年可獲取額外250間房間供應。集團留意到,開支低於預算,而這些新增房間比較高級,有助提升中場賭枱日均收益率至8,000美元以上,目標價由12.25港元升8%至13.2港元,評級“買入”。
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