Glonghui, December 8 | UBS published a report that lowered Jinjie Holdings' EBITDA forecast for each year from this year to 2025 by 17%, and the target price by about 25%, from HK$5.1 to HK$3.8, mainly reflecting the slower recovery than expected and the bank's lower outlook for next year. Visitors from the mainland are recovering slowly, and concerns about Cambodia's safety have kept the company's performance in the first three quarters of this year flat. In the third quarter alone, gross gaming revenue and EBITDA returned to the levels of 30% and 40% of 2019, respectively. China's foreign flight capacity will improve next year, but the bank believes that the market's general expectations are still too optimistic. According to the bank, the company obtained a shareholder loan agreement of 80 million US dollars earlier, and believes that next year's stock price will not be dragged down by the risk of refinancing. Although capital expenses for the integrated resort facility Naga 3 have been reduced, the free cash flow available for dividends is limited. The current price is about 5.7 times the predicted corporate value multiplier (EV/EBITDA) for next year, and the long-term average is one standard deviation lower. Despite the gradual recovery of business and limited dividend payments, valuations are still attractive and maintain a “neutral” rating.