20
February
BCG-Brief-[NONRATED]-Sighing with relief
On Feb 17, we tuned in to the AM of BCG to be covered with their 2022 recap related to business results and operation climate. What we felt relived is the enhancement of balance sheet with a debt/equity ratio plunging to 1.1x as of end-4Q22 and less pressure of due bond payment in the short term. However, we still stay skeptical on their escalating debt, potential dilution risk, and ample sensitivity to the hospitality property market where the majority of BCG’s projects are tourism/resorts.