《大行报告》瑞信下调金界(03918.HK)目标价至11元 评级「跑赢大市」
瑞信发表研究报告,指出金界(03918.HK)的业务在11月底受到当地爆发疫情爆发影响而短暂中止,但在1月份情况缓和後开始变得稳定。据该行的渠道调查显示,贵宾厅的人流应会维持在约2019财年的约30至40%水平,中场则维持在80至90%。高端中场板块维持稳健。
该行续指,虽然仍有有限的玩家飞到柬埔寨,但相信强劲的当地需求应该会继续成为其短期支撑。随着该国开始接种疫苗,料往後营运影响会进一步减低、长期复苏的可见度提升,加上政府对未来几年吸引外资及游客的态度会更正面。
由於疫情阻碍复苏,该行将公司2020至2022年的EBITDA下调2至19%,目标价由原来的11.6元下调至11元。维持「跑赢大市」投资评级。
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