not vested
NAGACORP (03918.HK) kept Outperform with target price reduced to $8.9 - CS
2014-04-11
NAGACORP (03918.HK) -0.076 (0.947%) 's gaming revenue increased by 16% year-on-year to US$76.9 million in 1Q14.
As the political disputes in Cambodia have eventually stabilised, the growth momentum of the mass-market table games and electronic gaming machines has picked up again.
In order to improve the connectivity to NagaWorld, the company has already launched charter flight service from China/Macau.
More pick-up in Chinese traffic is likely in 2H14. Credit Suisse adjusted NAGACORP 2014/15/16 EPS forecasts by -1%/-10%/+50%.
NAGACORP was kept Outperform with target price lowered from $9.1 to $8.9.
Source: AAStocks Financial News
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NagaCorp 3918 / Chen Lip Keong
Re: NagaCorp 3918
by winston » Fri Apr 11, 2014 6:43 pm
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Re: NagaCorp 3918
by winston » Fri Aug 08, 2014 6:46 am
Russia bet to bear fruit from 2018
Nagacorp (3918), operator of the NagaWorld casino hotel in Cambodia, said its US$350 million (HK$2.7 billion) gaming and resort project in Russia will not be operational before 2018.
The Phnom Penh-based firm said construction of its project in Vladivostok, on Russia's Pacific Coast, will be completed within four years after all approvals come through.
The firm believes its foray into a different geographical region will boost results in the long
Mainlannd visitors to Cambodia rose nearly 20 percent on-year in the first five months to more than 240,000.
Plans are to collaborate with Chinese travel agents and use NagaCorp's two Airbus A320s to improve access from the mainland to Phnom Penh, where NagaWorld is located.
Net profit of US$67.62 million was posted in the first half, up 7.6 percent from a year back, thanks to increased revenue from public floor tables as well as VIP gaming, which rose 19.8 percent and 61.3 percent, respectively.
VIP gaming accounted for 45 percent of total interim revenue, up 26 percent to US$191 million from a year earlier.
Non-gaming revenue including hotel, food and beverage, and entertainment increased 7.4 percent to US$10.66 million, due to higher numbers of room nights sold at NagaWorld.
Earnings per share hit 2.96 US cents, from 2.87 US cents last year. Interim dividend of 2.07 US cents per share was declared a payout ratio of about 70 percent based on net profits.
Shares closed at HK$6.48, down 2.99 percent, as the Hang Seng Index closed lower amid a selloff in Macau casino shares.
Source: The Standard HK
Nagacorp (3918), operator of the NagaWorld casino hotel in Cambodia, said its US$350 million (HK$2.7 billion) gaming and resort project in Russia will not be operational before 2018.
The Phnom Penh-based firm said construction of its project in Vladivostok, on Russia's Pacific Coast, will be completed within four years after all approvals come through.
The firm believes its foray into a different geographical region will boost results in the long
Mainlannd visitors to Cambodia rose nearly 20 percent on-year in the first five months to more than 240,000.
Plans are to collaborate with Chinese travel agents and use NagaCorp's two Airbus A320s to improve access from the mainland to Phnom Penh, where NagaWorld is located.
Net profit of US$67.62 million was posted in the first half, up 7.6 percent from a year back, thanks to increased revenue from public floor tables as well as VIP gaming, which rose 19.8 percent and 61.3 percent, respectively.
VIP gaming accounted for 45 percent of total interim revenue, up 26 percent to US$191 million from a year earlier.
Non-gaming revenue including hotel, food and beverage, and entertainment increased 7.4 percent to US$10.66 million, due to higher numbers of room nights sold at NagaWorld.
Earnings per share hit 2.96 US cents, from 2.87 US cents last year. Interim dividend of 2.07 US cents per share was declared a payout ratio of about 70 percent based on net profits.
Shares closed at HK$6.48, down 2.99 percent, as the Hang Seng Index closed lower amid a selloff in Macau casino shares.
Source: The Standard HK
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Re: NagaCorp 3918
by winston » Fri Aug 08, 2014 3:16 pm
not vested
<Research Report>NAGACORP (03918.HK) kept Buy, target reduced to $8.1 - Citi
Citigroup mentioned in a report that despite the robust revenue growth in the first half of the year, NAGACORP (03918.HK)'s net profit only represented 41% of the broker's full-year estimate, mainly due to the 50% increase in staff costs during the period as compared to the same period of last year.
The broker reduced earnings forecasts for 2014-2016 by 15%-31%.
The target price was cut from $9.1 to $8.1, with the Buy rating unchanged. ~
Source: AAStocks Financial News
<Research Report>NAGACORP (03918.HK) kept Buy, target reduced to $8.1 - Citi
Citigroup mentioned in a report that despite the robust revenue growth in the first half of the year, NAGACORP (03918.HK)'s net profit only represented 41% of the broker's full-year estimate, mainly due to the 50% increase in staff costs during the period as compared to the same period of last year.
The broker reduced earnings forecasts for 2014-2016 by 15%-31%.
The target price was cut from $9.1 to $8.1, with the Buy rating unchanged. ~
Source: AAStocks Financial News
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Re: NagaCorp 3918
by winston » Fri Oct 03, 2014 6:07 pm
not vested
NAGACORP(03918.HK) 1Q-3Q gross gaming revenue leaps 26% to US$270M
NAGACORP(03918.HK) +0.260 (+4.676%) Short selling $5.61M; Ratio 17.620% announced that the gross gaming revenue as at nine moths ended September amounted to US$270 million, representing a year-on-year growth of 26%.
Of all the revenue, public floor gaming tables buy-ins rallied 21% to US$349 million.
The electronic gaming machines bills-in slightly increased 7% to US$886 million and the junket and VIP rollings recorded a substantial increase of 25% to US$4079 million, compared with the same period last year.
source: AAStocks Financial News
NAGACORP(03918.HK) 1Q-3Q gross gaming revenue leaps 26% to US$270M
NAGACORP(03918.HK) +0.260 (+4.676%) Short selling $5.61M; Ratio 17.620% announced that the gross gaming revenue as at nine moths ended September amounted to US$270 million, representing a year-on-year growth of 26%.
Of all the revenue, public floor gaming tables buy-ins rallied 21% to US$349 million.
The electronic gaming machines bills-in slightly increased 7% to US$886 million and the junket and VIP rollings recorded a substantial increase of 25% to US$4079 million, compared with the same period last year.
source: AAStocks Financial News
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Re: NagaCorp 3918
by winston » Mon Jan 12, 2015 4:57 pm
not vested
NagaCorp (3918.HK; Buy; 12-m target price: HK$8.00)
After securing Asian Nation and Suncity (junkets from Macau) in 3Q14, NagaCorp witnessed a strong uptick in VIP GGR in 4Q14 (i.e., +30% yoy). It is in discussions to add three more junkets in Macau, which, if successful, it believes should help to drive further VIP GGR growth in 2015 - In our model, we assume +31%.
Mass table GGR grew 21% for 9M14, helped by strong visitation growth from China (+21% yoy for 9M14);
Slot GGR growth also recovered to c.15% yoy in 3Q14 after the completion of renovation work.
The company observed similar momentum for both segments in 4Q14.
Looking into 2015, NagaCorp expects mass & slot to become an important growth driver given its strategic partnership with China International Travel Service to bring in more tour groups from China to be launched in early 2015.
Naga2, which will house 200-300 new gaming tables, 500 slot machines and 1,019 hotel rooms, is on schedule for completion at end-2016. The company targets to commence operation mid-2017. It expects NagaCity Walk, which will connect Naga2 to NagaWorld and feature retail shops catered for Chinese players, to be completed by 2Q15 and commence operation by 2H15.
NagaCorp has obtained government consent that it could deploy the minimum capital commitment of US$350mn for its Vladivostok project by phases, instead of in one go as agreed earlier. It has submitted the development plan for Phase 1 for which it has budgeted US$50mn of capex.
Upon receipt of the construction permit, it will commence construction possibly by 2H15 and hopes to complete Phase 1 by 2017. The company clarified that it remains positive on the long-term prospect of Vladivostok’s gaming market and that the deferral of its construction plan is to be prudent in view of the political and macro situation in Russia.
Source: GS
NagaCorp (3918.HK; Buy; 12-m target price: HK$8.00)
After securing Asian Nation and Suncity (junkets from Macau) in 3Q14, NagaCorp witnessed a strong uptick in VIP GGR in 4Q14 (i.e., +30% yoy). It is in discussions to add three more junkets in Macau, which, if successful, it believes should help to drive further VIP GGR growth in 2015 - In our model, we assume +31%.
Mass table GGR grew 21% for 9M14, helped by strong visitation growth from China (+21% yoy for 9M14);
Slot GGR growth also recovered to c.15% yoy in 3Q14 after the completion of renovation work.
The company observed similar momentum for both segments in 4Q14.
Looking into 2015, NagaCorp expects mass & slot to become an important growth driver given its strategic partnership with China International Travel Service to bring in more tour groups from China to be launched in early 2015.
Naga2, which will house 200-300 new gaming tables, 500 slot machines and 1,019 hotel rooms, is on schedule for completion at end-2016. The company targets to commence operation mid-2017. It expects NagaCity Walk, which will connect Naga2 to NagaWorld and feature retail shops catered for Chinese players, to be completed by 2Q15 and commence operation by 2H15.
NagaCorp has obtained government consent that it could deploy the minimum capital commitment of US$350mn for its Vladivostok project by phases, instead of in one go as agreed earlier. It has submitted the development plan for Phase 1 for which it has budgeted US$50mn of capex.
Upon receipt of the construction permit, it will commence construction possibly by 2H15 and hopes to complete Phase 1 by 2017. The company clarified that it remains positive on the long-term prospect of Vladivostok’s gaming market and that the deferral of its construction plan is to be prudent in view of the political and macro situation in Russia.
Source: GS
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Re: NagaCorp 3918
by winston » Wed Feb 04, 2015 1:48 pm
2014 earnings preview
With Naga continuing to focus on attracting Chinese VIP customers, we believe that the company will not be immune from the fall-out from China’s anti-graft movement. Hence, as Macau share prices continue to stagnate due to policy concerns, Naga’s share price is also not likely to see significant de-coupling from its Macau peers.
We maintain our Hold rating with a reduced target price of HK$6.07 based on 9x FY15 EV/EBITDA (11xpreviously), a 20% discount to the Macau average.
The Naga2 opening in late-2016 adds HK$2.09 to our target price.
Our EPS estimates for FY14-16 are cut by 7-23% due to higher costs
Source: CIMB
https://brokingrfs.cimb.com/i-HxIyNPn59 ... LmWdc1.pdf
With Naga continuing to focus on attracting Chinese VIP customers, we believe that the company will not be immune from the fall-out from China’s anti-graft movement. Hence, as Macau share prices continue to stagnate due to policy concerns, Naga’s share price is also not likely to see significant de-coupling from its Macau peers.
We maintain our Hold rating with a reduced target price of HK$6.07 based on 9x FY15 EV/EBITDA (11xpreviously), a 20% discount to the Macau average.
The Naga2 opening in late-2016 adds HK$2.09 to our target price.
Our EPS estimates for FY14-16 are cut by 7-23% due to higher costs
Source: CIMB
https://brokingrfs.cimb.com/i-HxIyNPn59 ... LmWdc1.pdf
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Re: NagaCorp 3918
by winston » Thu Feb 05, 2015 6:46 pm
not vested
NAGACORP (03918.HK): Naga2 to accommodate up to 300 gaming tables
NAGACORP (03918.HK) -0.100 (-1.653%) Short selling $5.01M; Ratio 15.660% chief financial officer and executive director Lee Wai Tuck said that Naga2 will be opened in 2017, which can accommodate up to 300 gaming tables and 500 to 1,000 electronic gaming machines.
Source: AAStocks Financial News
NAGACORP (03918.HK): Naga2 to accommodate up to 300 gaming tables
NAGACORP (03918.HK) -0.100 (-1.653%) Short selling $5.01M; Ratio 15.660% chief financial officer and executive director Lee Wai Tuck said that Naga2 will be opened in 2017, which can accommodate up to 300 gaming tables and 500 to 1,000 electronic gaming machines.
Source: AAStocks Financial News
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Re: NagaCorp 3918
by winston » Fri Feb 06, 2015 5:26 am
not vested
Nagacorp net profit down 3pc as revenue rises
Cambodian casino operator Nagacorp (3918) said annual net profit fell 3 percent to US$136 million (HK$1.05 billion) despite a sharp rise in revenue.
For the year ended December last year, Nagacorp saw gross gaming revenue grow by 17 percent to US$381.4 million. A final dividend of 2.11 US cents per share was declared.
The company said VIP gaming revenue surged 41 percent to US$188.2 million, driven by the 35 percent growth on VIP rollings.
Mass market revenue for public floor gaming tables grew by one-fifth, but that of electronic gaming machines declined by 17 percent.
Earnings before interest, tax, depreciation and amortization expanded 2 percent to US$176 million.
Chief financial officer and executive officer of the group, Philip Lee Wai-tuck, said it was not heavily affected by the tumbling VIP business at Macau casinos as it mainly targets the mass market.
"Also, Cambodia attracts mainlanders so we believe the effects [of the weakening gambling business in Macau] are mild," said Lee.
Non-gaming revenue increased by 14 percent to US$22.9 million thanks to a rise in the number of room nights sold at NagaWorld, a casino-hotel complex in Phnom Penh.
Also, the firm's casino in Russia is on schedule for a 2017 completion. The shares fell 1.7 percent to HK$5.95 yesterday.
Source: The Standard HK
Nagacorp net profit down 3pc as revenue rises
Cambodian casino operator Nagacorp (3918) said annual net profit fell 3 percent to US$136 million (HK$1.05 billion) despite a sharp rise in revenue.
For the year ended December last year, Nagacorp saw gross gaming revenue grow by 17 percent to US$381.4 million. A final dividend of 2.11 US cents per share was declared.
The company said VIP gaming revenue surged 41 percent to US$188.2 million, driven by the 35 percent growth on VIP rollings.
Mass market revenue for public floor gaming tables grew by one-fifth, but that of electronic gaming machines declined by 17 percent.
Earnings before interest, tax, depreciation and amortization expanded 2 percent to US$176 million.
Chief financial officer and executive officer of the group, Philip Lee Wai-tuck, said it was not heavily affected by the tumbling VIP business at Macau casinos as it mainly targets the mass market.
"Also, Cambodia attracts mainlanders so we believe the effects [of the weakening gambling business in Macau] are mild," said Lee.
Non-gaming revenue increased by 14 percent to US$22.9 million thanks to a rise in the number of room nights sold at NagaWorld, a casino-hotel complex in Phnom Penh.
Also, the firm's casino in Russia is on schedule for a 2017 completion. The shares fell 1.7 percent to HK$5.95 yesterday.
Source: The Standard HK
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Re: NagaCorp 3918
by winston » Wed Mar 11, 2015 9:15 am
not vested
<Result Ann>NAGACORP (03918.HK) full-year net profit down 3% (Correct)
NAGACORP (03918.HK) announced that it recorded a revenue of US$404 million in the year 2014, up 17.2% from a year back.
Net profit receded 3% to US$136 million. EPS was US5.96 cents.
A final dividend of US2.11 cents (equivalent to HK16.35 cents) was declared.
The dividend payout ratio for the while year was 70%.
Source: AAStocks Financial News
<Result Ann>NAGACORP (03918.HK) full-year net profit down 3% (Correct)
NAGACORP (03918.HK) announced that it recorded a revenue of US$404 million in the year 2014, up 17.2% from a year back.
Net profit receded 3% to US$136 million. EPS was US5.96 cents.
A final dividend of US2.11 cents (equivalent to HK16.35 cents) was declared.
The dividend payout ratio for the while year was 70%.
Source: AAStocks Financial News
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Re: NagaCorp 3918
by winston » Thu Apr 02, 2015 9:16 am
not vested
1Q15 operational review
NagaCorp’s 1Q gaming revenue showed sequential growth, led by stronger mass gaming revenues plus stronger VIP win rates.
While the financial operational release does not include any profit or margin update, our Hold rating on Naga is unchanged due to our concerns about a margin decline.
We maintain our target price of HK$5.98, based on 9x FY15 EV/EBITDA, and our valuation for Naga 2 of HK$2.09
https://brokingrfs.cimb.com/t-dy1Up9MQg ... dbhKc1.pdf
1Q15 operational review
NagaCorp’s 1Q gaming revenue showed sequential growth, led by stronger mass gaming revenues plus stronger VIP win rates.
While the financial operational release does not include any profit or margin update, our Hold rating on Naga is unchanged due to our concerns about a margin decline.
We maintain our target price of HK$5.98, based on 9x FY15 EV/EBITDA, and our valuation for Naga 2 of HK$2.09
https://brokingrfs.cimb.com/t-dy1Up9MQg ... dbhKc1.pdf
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