Morgan Stanley released a report saying that the EBITDA and earnings per share of Golden World Holdings in the fourth quarter of last year (03918) were in line with the bank's and market expectations. The company's dividend ratio reached 80% in the second half of last year, meaning a yield of 6%, which surprised the market. The bank expects a dividend ratio of 60% this year and beyond.

The bank said the company's current valuation is attractive, with a price-to-earnings ratio of 11.3 times forecast earnings and an expected dividend yield of 5 per cent this year, maintaining the company's "overweight" investment rating with a target price of HK $14.