Bocom International to maintain the Macao gaming industry behind the rating ratatouille

Bocom International: the maintenance of Macao’s gaming industry behind sina finance rating App: Live on-line blogger to guide Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future of the way out? Sina launched the "Hong Kong Hong Kong stocks as well as unattractive" discussion, with a rational and constructive attitude, welcome attention to Hong Kong stocks, concern of the capital market, Hong Kong stocks together for suggestions, seek the Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Liu Yahan CFA, FRM: a new casino opening into the market competitors for August total gaming revenue for the first time in two years recorded an increase of excitement, but in the face of competition, we are worried about the EBITDA profit margins remain, such as 1H16 results showed that by VIP transfer to increase the profits of the midfield department or wildly exaggerated. In addition, the Mid Autumn Festival holiday weekend, the number of admission less than we expected, we believe that the current level, it is difficult to prove that earnings will rise further. Although money market liquidity ample, but we believe that the industry is overvalued (the ratio of FY16E 17E EV EBITDA was 15.9 times 15.4 times, or a high standard deviation), especially when we estimate long-term EBITDA growth over the past five years will be less than half the average. The potential for the market to renew the license or to increase the uncertainty of the medium-term valuation of the industry. We maintain the industry’s backward rating. (both) to enter the Sina financial stocks] discussion相关的主题文章: