Damo lowered the 2024 EBITDA forecast for Goldworld Holdings (03918) by 37%.
The Zhitong Finance App learned that Morgan Stanley released a research report stating that it will downgrade the rating of Goldworld Holdings (03918) from “increase in holdings” to “in sync with the market”, reduce the target price from HK$5.5 to HK$3.25, and cut the 2024 EBITDA forecast by 37%.
According to the report, the company's performance in the fourth quarter of last year fell short of expectations, and it is estimated that its stock price will outperform the market by more than 80% within the next 60 days. Damo also pointed out that the growth prospects of the gold industry are still uncertain. The pace of profit recovery in the first quarter of this year is expected to be slow. Coupled with the intensification of regional competition, management must speed up the formulation of more specific growth plans, or there are obvious signs of improvement in the number of visitors before the stock price trend can turn positive.