NagaCorp 3918 / Chen Lip Keong

NagaCorp 3918 / Chen Lip Keong

Postby winston » Tue Dec 30, 2008 9:46 pm

20081113 Yuanta NagaCorp (3918 HK), HK$1.17 BUY

Relatively speaking, Nagaworld has been largely spared the gaming world's problems. The largest proportion of visitors to the casino remain the domestic holders of foreign passports, comprising 45% of revenues, and no less than half of profits. The lack of a local stock market and the developing status has thus far limited the impact from the current global troubles, according to management. And only ~25% of the total STG visitors are from the PRC.

The facilities are completed with no further plans for expansion at present. The balance sheet remains clean with no debt, and effectively no taxes on casino profits through 2035 due to the monopoly license for gaming within 200km of Phnom Penh. Management maintains its vigorous belief in holding the payout ratio for the casino at greater than 50%. At the current share price, the implied yield for our estimated 60% payout would be 11.3%. The company's value proposition has had no problem attracting top funds in the area, and high yield attraction has caused liquidity to become an issue.

Maintain BUY; reduce price target from HK$3.40 based on a DCF valuation method to a more conservative, 1.5x PBV of FY09F (HK$1.79) to reflect the difficult equity environment.
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Re: NagaCorp 3918

Postby winston » Tue Dec 30, 2008 10:39 pm

Licensed for Gaming

NagaCorp owns and operates the only licensed casino in Phnom Penh, the capital of Cambodia
70 year Casino license (1995- 2065) - Asia’s longest Casino license
40 year monopoly (1995-2035) for 200km radius of Phnom Penh
No restriction on size of casino complex, location and number of gaming tables and machines, types of games and operating hours. Significant expansion possibilities subject to only market forces
Casino License awarded in 1994 by the Cambodian Cabinet as part of an international tender of tourism-infrastructure package advised by Australian consultants.

http://www.nagaworld.com
Established in 1995, the casino has been operating profitably since 1996.
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Re: NagaCorp 3918

Postby winston » Tue Jan 06, 2009 9:55 pm

Vested.

PLACING OF NEW ELECTRONIC GAMING MACHINES IN NAGAWORLD

This announcement is made by NagaCorp Ltd. (the “Company”) on voluntary basis.

The board of directors (“Board”) of the Company wishes to inform the shareholders of the Company that in December 2008, Nagaworld Limited, an indirectly wholly owned subsidiary of the Company, entered into an agreement with Elixir Gaming Technologies, Inc. (AMEX:EGT) (“EGT”), as a guarantor, and Elixir Gaming Technologies (Hong Kong) Limited, a wholly-owned subsidiary of EGT (“Elixir”, together with EGT, the “Elixir group”), pursuant to which, Elixir agreed to provide electronic gaming machines (the “Machines”) on a participation basis in the hotel wing of NagaWorld (the “Agreement”).

EGT is a provider of gaming technology solutions to the Pan-Asian gaming industry and whose shares are traded on the American Stock Exchange. Under the terms of the Agreement, Elixir group will supply and place approximately 140 Machines in a prescribed area of NagaWorld. Nagaworld Limited will be entitled to 75% of the revenue generated by the Machines placed by Elixir group in NagaWorld while Elixir group will be entitled to 25% of such revenue. Most of the costs and expenses in relation to the operation of the Machines, such as marketing funds, staff costs and staff meal expenses will be borne by Nagaworld Limited as to 75% and by Elixir as to 25%. It is expected that the Machines will be placed in NagaWorld on or before 30 January 2009. The Agreement will be valid for a term of five years commencing from the actual day of launching the live commercial operation of the Machines in NagaWorld.

The Company will have control over the operation of the Machines, including collection of the amounts played in and/or wagered on the Machines. Subject to milestones and agreement between the parties, it is expected that the number of Machines placed by Elixir group in NagaWorld may be increased to over 200 by the second quarter of 2009.

On behalf of the Board of NAGACORP LTD.
Timothy Patrick McNally
Chairman

As at the date of this announcement, the Directors are:

Executive Directors
Tan Sri Dr Chen Lip Keong, Monica Lam Yi Lin and Angus Au-Yeung Wai Kai

Non-executive Director
Timothy Patrick McNally
Independent Non-executive Directors
Wong Choi Kay, Zhou Lian Ji, Leow Ming Fong, Tan Sri Datuk Seri Panglima Abdul Kadir Bin Haji Sheikh Fadzir and Lim Mun Kee
Hong Kong, 6 January 2009
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Re: NagaCorp 3918

Postby winston » Thu Jan 22, 2009 9:44 pm

Bank of America bought 33m shares increasing it's stake from 6.84% to 8.29%
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Re: NagaCorp 3918

Postby winston » Mon Feb 16, 2009 9:07 pm

DATE OF BOARD MEETING

The board of directors (the “Board”) of NagaCorp Ltd. (the “Company”) announces that a meeting of the Board will be held on Thursday, 26 February 2009 at Suite 2806, 28/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, whereat the Board will, among other matters, approve the release of the final results of the Company and its subsidiaries for the year ended 31 December 2008 and consider the payment of a final dividend, if any.

On behalf of the Board of
NAGACORP LTD.
Timothy Patrick McNally
Chairman
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Re: NagaCorp 3918

Postby winston » Thu Feb 26, 2009 10:11 pm

Vested.

Revenue increased by 34.3% to approximately US$193.5 million for the financial year ended 31 December 2008 from US$144.0 million for the same period in 2007. Gross profit increased by 12.6% to approximately US$88.0 million in 2008 from US$78.1 million in 2007. Earnings before interest, tax, depreciation and amortisation were approximately US$49.3 million in 2008 and approximately US$56.9 million in 2007.

Profit attributable to shareholders of the Company or net profit decreased by 20.3% to approximately US$40.0 million in 2008 from US$50.2
million in 2007.

http://www.hkexnews.hk/listedco/listcon ... 226354.pdf
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Re: NagaCorp 3918

Postby winston » Tue Mar 10, 2009 12:34 pm

DJ MARKET TALK: Citi Cuts NagaCorp Target To HK$1.25 From HK$1.65 March 2, 2009

1036 [Dow Jones] STOCK CALL: Citigroup cuts NagaCorp (3918.HK) target to HK$1.25 from HK$1.65 after lowering FY09-10E EPS estimates by 57.5%-60% on higher staff costs, provision expectations. Calls a "value trap," but keeps at Buy as company remains net cash with no capex requirements, delivers reasonable bottomline.

Notes FY08 net profit in line with house's estimate at US$40 million, down 20% on-year on Poibos reneging on agreement, poor Hold at 2.6%. Says concerned on account receivables rising to US$66 million vs US$34 million on-year as junkets delaying payments; aggressively estimating about 25% defaults on excess receivables.

But notes, NagaCorp set to benefit as Cambodian government closed key competitor, making company only licensed casino in Phnom Penh. Shares up 1.3% at HK$0.77.
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Re: NagaCorp 3918

Postby winston » Wed May 20, 2009 2:28 pm

Not vested anymore. Am concerned about the bad loans from the junket operators. When the stock is at 0.50, they dont ask u to buy. After it has doubled to K$1.00, they ask you to buy..

DJ MARKET TALK: NagaCorp To Benefit From Monopoly Position- Citi

1202 [Dow Jones] STOCK CALL: Citigroup tips NagaCorp's (3918.HK) slot business to benefit from Cambodian government's decision to shut down CamboSix's gambling outlets on Feb. 26. Notes as NagaCorp is only licensed casino in Phnom Penh, stock natural beneficiary of government crackdown of targeted outlets with slot machines.

Expects company's slot net wins averaged US$200 per machine in April, in-line with U.S. and Macau counterparts. Adds, trading at 37% discount to global 2009 EV/EBITDA average and 52% discount to Macau, house believes company can play catch up as fundamentals continue to improve.

Keeps stock at Buy, target price at HK$1.25. Shares down 1% at HK$0.99.
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Re: NagaCorp 3918

Postby winston » Mon Sep 07, 2009 12:52 pm

Not vested anymore. This is a Cambodian Casino operated by a Malaysian.

Unaudited condensed consolidated interim results for the six months ended 30 June 2009
• Revenue decreased by 41.7% to approximately US$63.6 million
• Gross profit decreased by 23.0% to approximately US$34.9 million
• Net profit decreased by 54.9% to approximately US$11.5 million
• Earnings per share of US cents 0.56 per share
• Declared an interim dividend of US cents 0.33 per share (or equivalent to HK cents 2.57
per share), representing a dividend payout ratio of approximately 60.0% based on the net
profit generated for the period.

It is noted that the Company had recorded a management fee of US$12.6 million from Poibos Co Ltd. (“Poibos”) under Junket VIP floor table for the six months ended 30 June 2008. In view of Poibos’ breaches of the terms, the Company terminated the arrangement with Poibos in 2008. As such, the management fee recorded for the six months ended 30 June 2008 was non-recurrent in nature.

For illustration purpose, should revenue and net profit of approximately US$12.6 million
derived from the non-recurrent management fee from Poibos be excluded from the financial results of the Group for the six months ended 30 June 2008, the decrease in revenue would have moderated to 34.1% and net profit to 10.9% for the six months ended 30 June 2009 in comparison to the same period in 2008.

http://www.hkexnews.hk/listedco/listcon ... e_main.asp
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Re: NagaCorp 3918

Postby eauyong » Mon Sep 07, 2009 1:22 pm

winston wrote:Not vested anymore. This is a Cambodian Casino operated by a Malaysian.


He is Tan Sri Dr Chen Lip Keong, No. 21 in Malaysia's Richest.

No. / NAME/$ MILLION/ AGE

1 Robert Kuok 9,000 85
2 Ananda Krishnan 7,000 71
3 Lee Shin Cheng 3,200 70
4 Lee Kim Hua 2,500 80
5 Teh Hong Piow 2,400 79
6 Quek Leng Chan 2,300 68
7 Yeoh Tiong Lay 1,800 79
8 Syed Mokhtar AlBukhary 1,100 57
9 Tiong Hiew King 1,000 74
10 Vincent Tan 750 57
11 Azman Hashim 470 69
12 William H.J. Cheng 390 66
13 G. Gnanalingam 260 64
14 Lim Kok Thay 225 57
15 Anthony Fernandes 220 45
16 Mokhzani Mahathir 215 48
17 Lee Oi Hian 210 58
18 Chan Fong Ann 209 78
19 Kamarudin Meranun 205 48
20 Chong Chook Yew 200 87
21 Chen Lip Keong 195 61
22 Lee Swee Eng 190 53
23 Jeffrey Cheah 185 64
24 Lim Wee Chai 180 51
25 Ahmayuddin bin Ahmad 175 52
26 Lee Hau Hian 174 55
27 Lau Cho Kun 165 73
28 Vinod Sekhar 150 41
29 Liew Kee Sin 140 50
30 Tiah Thee Kian 135 61
31 Rozali Ismail 130 53
32 Lin Yun Ling 115 54
33 Yaw Teck Seng 113 71
34 Goh Peng Ooi 112 53
35 Eleena Azlan Shah 110 49
36 David Law Tien Seng 105 NA
37 Syed Mohd Yusof Tun Syed Nasir 100 61
38 Hamdan Mohamad 98 53
39 Tan Teong Hean 95 65
40 Kua Sian Kooi 90 56
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