NagaCorp 3918 / Chen Lip Keong

Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Tue Nov 07, 2017 1:42 pm

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Naga2: premium offering

Naga2 presents a more premium offering compared to Naga1.

We expect a 9- to 12-month ramp-up time for Naga2, with mass to be driven by rising tourism to Cambodia and VIP by growth in direct VIP and more junket incentives.

Hence, we forecast EPS growth of 24% EPS in FY18F and 17% in FY19F.

We maintain our Add call with a higher target price as we roll over valuation basis to
FY18F. Our target price is based on 8.4x FY18F EV/EBITDA.

Maintain Add

We roll over our target price basis to 8.4x FY18F EV/EBITDA (1 s.d. above the stock’s historical 4-year average) to take into account new capacity growth.

Naga is currently trading at a 7.4x consensus forward EV/EBITDA multiple and at a 46% discount to the Macau gaming average in terms of forward consensus EV/EBITDA (on par with the average discount over the past four years).

A downside risk to our Add call is slowerthan-expected ramp-up for Naga2.

Source: CIMB

https://brokingrfs.cimb.com/V_qTQSR1rN1 ... JUS6w2.pdf
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Sat Nov 18, 2017 11:51 am

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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Thu Feb 08, 2018 8:57 am

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Naga ready to roll in Russian venture

by Joyce Chen

NagaCorp (3918), the owner of the largest gaming and hotel complex in Cambodia, will start operating in Russia's far east next year, says chairman Timothy Patrick McNally.

Naga 2, which opened only a few months ago, is already seen as profitable and the company is considering upgrading and renovating properties it owns nearby to support expansion, said Philip Lee Wai Tuck, executive director and chief financial officer of the firm.

As more and more mainland tourists visit Cambodia, the operator is planning to expand private jet services with more flights, and increasing coverage in the mainland as well as Southeast Asian countries such as Indonesia, the management added.

The group owns two Airbuses and rents one jet, covering seven cities in the mainland.

Amid the rumor that the Chinese government is to allow legal gambling on Hainan Island, McNally said he would not comment on the issue.

The share price of NagaCorp jumped 5.51 percent to HK$6.89 yesterday after revealing its annual financial performance on Tuesday after the markets closed.

It recorded a 39 percent year-on-year growth in net profit to US$255.20 million (HK$1.99 billion) for the year ended December 31 2017, while revenue surged 85 percent to US$926 million.

A dividend of HK$1.45 US cents per share was declared. Earnings per share was 7.94 US cents.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0208&sid=2
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Thu Feb 08, 2018 9:56 am

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NAGACORP(3918)

Analysis:
The opening of Naga2 in November 2017 provided a transformation for NagaCorp (3918), significantly increasing the quality and range of VIP, Mass Gaming(VIP halls and suites and mass gaming halls) and Non-Gaming (karaoke, spas, clubs, restaurants, hotel rooms and suites) facilities.

Capacity in terms of hotel rooms and gaming facilities more than doubled.

For the year ended 31 December 2017, the Group`s net profit increased by 39% to US$255 million.

Based on basic earnings per share of US 7.94 cents, its share price is trading at about 11 times price-to-earnings ratio. (I do not hold the above stock)

Strategy:
Buy-in Price: $6.50, Target Price: $7.40, Cut Loss Price: $6.00

Source: Phillips
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Sat Mar 10, 2018 9:57 pm

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Malaysia’s Richest 2018: How ‘Accidental’ Billionaire Chen Lip Keong’s Cambodia Bet Paid Off

Source: Forbes

https://www.cambodiadaily.com/business
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Thu Feb 14, 2019 8:36 am

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NagaCorp net jumps by 53pc to US$390m

Cambodia operator NagaCorp (3918) said today net profit for the year ended December 31, 2018 increased by 53 percent to US$390.6 million.

Net profit margin was consistent at 27 percent despite the increase in contribution from VIP market which has a lower margin,the company said.

The basic earnings per share were US cents 9.00 (HK cents 69.75) and US cents 7.94 (HK cents 61.54) for the years ended December 31, 2018 and 2017, respectively.

Nagcorp declared a final dividend of 21 US cents per ordinary share.

The group achieved an increase in gross gaming revenue of 55 percent.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 0213&sid=2
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Thu Feb 14, 2019 2:20 pm

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NAGACORP: Top 4 Macau Junket Promoters to Enter Naga2 This Yr

Operating in Naga2 since March 2018, Suncity Group is relocating to a more spacious area next week.

Top-four Macau junket promoters will also move into the shopping centre this year, as revealed by NAGACORP (03918.HK).

NAGACORP was confident in Cambodia's tourism development, while staying upbeat on upcoming growth in Chinese and Asian tourists.

Source: AAStocks Financial News
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Fri Feb 15, 2019 10:35 am

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NAGACORP(3918)

Analysis:

For the year ended 31 December 2018, NagaCorp (3918) recorded 55% growth in gross gaming revenue to US1.4 billion and its net profit increased by 53% to US390 million.

The growth is attributable to the commencement of operation of Naga2 end of 2017 and the contribution from Macau-based junket operators who are operating with the Group.

The Group expects all top four Macau mega junkets will operate in Naga2 in 2019. These junkets contributed 70% of Macau`s total VIP rollings.

To further enhance the quality and overall appeal of the combined NagaWorld complex, the Group has embarked on an upgrade of Naga1, which is expected to be completed in 2019.

Additionally, the Group is in advanced stages of planning for the development of Naga3. (I do not hold the above stock)

Strategy:
Buy-in Price: $10.50, Target Price: $11.80, Cut Loss Price: $9.90

Source: Phillips
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Tue May 07, 2019 11:37 am

BREAKINGVIEWS-Casino mogul's Cambodia cash hedges investors?

By Katrina Hamlin

HONG KONG, May 7 (Reuters Breakingviews) - NagaCorp's<3918.HK> founder is giving investors a $1.8 billion confidence boost.

Chen Lip Keong, also the company's chief executive, has pledged to cover more than half of the cost of building Asia's largest gambling resort, in the Cambodian capital Phnom Penh.

The group faces more competition, and both Cambodia and the gambling industry depend heavily on China. But investors can find reassurance in the personal punt.

Since the $5 billion company first outlined the expansion inApril, shares have fallen by roughly 14 percent. Naysayers question whether Chen can fill the $3.5 billion-something project's cavernous gaming halls and more than 4,000 hotel rooms, on top of an existing, sprawling casino-resort in the Southeast Asian country.

There are plenty of risks. For one, China has dominated investment into Cambodia, bringing expatriate workers and tourists. Links with Beijing have been strong under Cambodian Prime Minister Hun Sen, and the two sides announced a handful ofdeals including military aid late last month.

But any economic wobbles across the border could be a headache, for visitors and for Naga. Hun Sen's dismal human rights record, moreover, hardly guarantees stability.

There are also more rivals for gamblers' cash. Local contenders are ambitious. Meanwhile, experienced operators like Las Vegas Sands and Genting, are flourishing outside Macau - in Singapore, Philippines and Vietnam- drawing big-spenders.

Chen still has a good hand. For one, he was first in a primespot. The Malaysia-born boss has navigated an era of extraordinary change in Cambodia, and NagaCorp has grown steadily over two decades.

He has some support from the government, visible in a concession that runs until 2065, and a monopoly in the Phnom Penh area until 2035. Chen hedges his China bet by cultivating a Southeast Asian clientele too.

Naga, with negligible debt, could arguably have raised capital on the market. But its risky profile does mean highcosts. Chen, who already holds a 66 percent stake, converts his contribution into shares at the end of the six-year construction period at a not unreasonable HK$12 a piece, roughly a fifth above the current price.

Importantly, he takes on the risk of delay and collapse too. It's a hefty show of support.

Source: Reuters
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Wed Jul 24, 2019 7:22 am

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NagaCorp rakes in US$245m

by Avery Chen

Cambodia-based hotel and casino operator NagaCorp (3918) yesterday, said its net profit for the first six months this year rose 36 percent year-on-year to US$245.1 million (HK$1.91 billion), due to the strong performance of integrated casino resort Naga 2, increasing foreign direct investment and tourism growth in the country.

Basic earnings per share were 5.65 US cents.

An interim dividend of 26.27 HK cents per share was declared, representing a payout ratio of 60 percent.

Earnings before interest, tax, depreciation and amortization rose 41 percent to US$327.8 million and gross gaming revenue grew 22 percent to US$872.4 million.

Mass market gross gaming revenue advanced 38 percent to US$222.5 million, VIP rollings rose 38 percent to US$23.2 billion, and non-gaming revenue remained stable at US$19.2 million.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0724&sid=2
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