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《大行報告》瑞信上調金界控股(03918.HK)目標價至8元 評級「跑贏大市」
阿思達克 07-20 10:22
瑞信發表研究報告指出,金界控股(03918.HK)上半年未計利息、稅項、折舊及攤銷前的利潤(EBITDA)為1.3億美元,大致符合預期,第二季按季升13%,主要由於中場收入穩固及開支穩定。基於本地需求強勁及旅行限制措施有所放寬,季內高端中場轉碼及中場的日均營業額已分別恢復至2019財年疫情前的72%及80%。 該行引述管理層指出,高級票據回購將取決於回報和現金儲備;上半年Naga 3項目的資本支出為5,500萬美元,而Naga 1及Naga 2項目的資本支出為1,000萬美元,下半年預算分別為1.25億及1,500萬美元;現金股息將隨著業務恢復而實現;對公司前景謹慎樂觀。 此外,該行維持對金界「跑贏大市」評級,認為其估值偏低;鑑於轉介貴賓業務仍然緩慢,但中場表現強勁,對其2022財年的EBITDA上調13%,目標價由7.7元升至8元。
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