Core Viewpoint - Goldman Sachs upgraded the rating of Golden Century Holdings (03918) from "Neutral" to "Buy" due to confidence in the company's increasing gaming revenue and EBITDA [1] Group 1: Company Valuation - The current valuation of the company is not considered excessive, with an enterprise value to after-tax EBITDA ratio of 5 times for the fiscal year 2026, compared to historical peaks of 6 to 7 times during industry upcycles [1] - Goldman Sachs adjusted its EBITDA forecasts for 2025 to 2027, increasing estimates by 34% to 40%, and raised the target price from HKD 3.88 to HKD 7.5 [1] Group 2: Market and Operational Insights - The newly opened Dechong International Airport has significantly increased passenger capacity, contributing to a strong growth in flights to Phnom Penh, with an overall year-on-year increase of 10% to 15%, and a 40% to 50% increase in flights from China [1] - The Cambodian government has recently implemented a visa-free policy for Chinese travelers, which is expected to further boost tourism and gaming revenue [1] Group 3: Financial Projections - For the fiscal year 2026, the company is projected to see a year-on-year increase in gaming revenue and EBITDA of 13% and 15%, respectively, which could yield approximately 11% free cash flow yield and 8% dividend yield [1]
高盛：升金界控股评级至“买入” 对博彩收入增长有信心