Citibank: Reduced the target price of Goldworld Holdings (03918) to HK$5.5 and renewed the “Buy” rating

The Zhitong Finance App learned that Citi released a research report stating that the target price of Jinjie Holdings (03918) was reduced to HK$5.5, maintaining a “buy” rating. The bank indicates that the number of international visitors entering Cambodia in the first half of this year fell 48% year on year, which is expected to slow down Golden World Holdings' VIP room betting for the second quarter of this year. However, Cambodia's four-month visa-free trial for Chinese tourists starting in mid-June, and continuing to crack down on electronic fraud may improve the number of inbound visitors and travelers' safety concerns in the second half of the year.

Citi expects Jinjie Holdings' gambling revenue for the second quarter of this year to fall by about 6% year on year, while gambling revenue for the first half of the year is expected to drop by about 2% year on year. Additionally, the bank lowered the company's EBITDA forecast for the 2026-2028 fiscal year by 11% to 14%, the earnings forecast by 13% to 17%, and the target price was reduced from HK$6.5 to HK$5.5.