Citi released a research report saying that maintaining the “sale and sale” rating of Golden World Holdings (03918), the EBITDA for the fourth quarter of last year exceeded expectations, mainly due to the fact that the total gaming revenue of the midmarket in the quarter beat expectations. It is estimated that its Cambodian Naga 3 may not open until 2029 as soon as possible, which is delayed from the original estimate in 2007, and the target price was lowered from HK$3.5 to HK$3.
The bank believes that the Group will be a contributor to market share in the next few years. According to Gold Management, the company is studying to reduce the size and budget of the Naga 3 project, but has not provided revised capital expenditure guidelines. Asked when dividends will resume, management said that the first priority is to repay senior notes due in July, and they are confident that they will pay in full.