UBS reported that the epidemic slowed slightly at the end of last year, the number of international flights to Malaysia rebounded, and it is estimated that the 03918.HK business has increased since the fourth quarter of last year.

As for the Macau business, UBS said that Jin Jie Macau EBITDA contribution is relatively low, only 7% to 8% of the group, under the suspension of the VIP lounge business, will continue to develop high-profit high-quality midfield business.

The bank downgraded the gold world EBITDA forecast for 2021-2022, expecting the company's EBITDA to normalize in 2023, and UBS lowered its gold target price from 10.4 yuan to 9.4 yuan, with a rating of "buy".