Glonghui, May 16 丨 Bank of America Securities issued a report stating that the adjusted EBITDA of Australian Securities Holdings (0880.HK) reached HK$31 million for the first quarter. Since the cost was lower than expected, the adjusted EBITDA greatly exceeded the bank's forecast. If the cost after the reduction in the satellite casino business was taken into account, the EBITDA is expected to reach HK$200 million. During the period, the company's net revenue increased 58% year over year to HK$4 billion, mid-market revenue increased 67% year over year, and VIP lounge revenue decreased 42% year over year. According to Bank of America, gaming betting volume has continued to rise since the beginning of the year. March bets accounted for 38% of total first-quarter betting revenue, while midfield bets have also recovered since the beginning of May. If the contribution of Lisboa is taken into account, it has reached 110% of the same period in 2019. Management expects capital expenditure of around HK$1 billion this year, and has seen no need for refinancing. Bank of America reiterated its “neutral” rating and lowered its EBITDA forecast for this year and next two years by 4% and 5%, considering that the growth of Shanghai and Beijing was weaker than expected, and the target price was lowered from HK$4.6 to HK$4.1. The stock is currently reported at HK$3.56, with a total market value of HK$25.3 billion.