According to a report released by Glonway on July 7 | DAMO, the stock price of Gold World Holdings (3918.HK) has fallen 36% since this year, outperforming the Hang Seng Index by 34%. Mainly due to slower than expected recovery and concerns about refinancing risks. However, the bank still maintains the “increase holdings” rating, believing that the current market capitalization is close to the low level of the epidemic. It is believed that the refinancing suspense will be eliminated, and it is expected that its interest expenses should be manageable. China only resumed outbound travel in January 2023, and outbound travel for mainland tourists to South Korea/Thailand/Japan gradually resumed this year. The trip believes this situation will also happen in Cambodia in the future. The target price for the gold world rose slightly from HK$5.45 to HK$5.5.