大摩:予金界控股“增持”评级 目标价5.5港元

Omo: Target price of “increase holdings” rating for Financial World Holdings is HK$5.5

新浪港股 ·  10/04/2023 10:44

Damo released a research report stating that it gave Financial World Holdings (03918) an “increase in holdings” rating, with a target price of HK$5.5. The company's EBITDA for the third quarter fell 15% month-on-month, falling short of the bank's expectations of 20%. Mainly, the month-on-month decline in gambling revenue was greater than expected. Gambling revenue fell 6% month-on-month, reaching 30% of the 2019 level. It is expected to gradually grow in the future, as other gaming markets in Asia are showing post-epidemic improvements. The company's current valuation is equivalent to predicting a corporate value of about 6.5 times EBITDA and a yield of 13% on free cash flow this year. If the valuation is to be re-evaluated, it is necessary to provide a repayment plan for bonds due in July next year, and a sustainable and visible profit recovery.

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