NagaCorp 3918 / Chen Lip Keong

Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Wed Apr 05, 2017 9:24 am

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NAGACORP 1Q VIP Biz Up 34% YoY

NAGACORP (03918.HK) announced that the VIP business (rollings) for the three months ended 31 March 2017 grew 34% yearly to US$3.733 billion.

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

Postby winston » Wed Apr 05, 2017 9:26 am

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NAGACORP Controlling Shareholder Plans to Exercise CB, Stakeholding Up to 61.13%

NAGACORP (03918.HK) announced that controlling shareholder Chen Lip Keong intends to exercise the conversion rights in respect of the TSCLK Complex Convertible Bonds in full in the outstanding aggregate principal amount of US$275 million.

That will result in the issue to Chen and parties acting in concert with him of 1.402 billion conversion shares, increasing the aggregate shareholding interest of Chen and parties acting in concert with him from approximately 38.98% to approximately 61.13% of the issued share capital of the company as enlarged by the issue of the conversion shares.

The conversion price was adjusted to be $1.5301, representing a discount of 65% when compared to the last closing price ($4.37).

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

Postby winston » Wed Jun 28, 2017 9:46 am

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<Research Report>Citi Upgrades NAGACORP (03918.HK) to Neutral with Target Lifted to $3.4

Citigroup, in its report, said NAGACORP (03918.HK) announced that it received a revised notice from its majority shareholder Dr. Chen Lip Keong that he had decided to concurrently convert both the TSCLK Complex CB and the NagaCity Walk CB.

With such decision, the total stake of new Naga shares held by Dr. Chen will be 65.42%, and the minority shareholders' stake will not be diluted.

That is positive for minority shareholders, thus upgraded the stock from Sell to Neutral.

With market concerns over the corporate governance, the broker did not upgrade it to Buy. The target price was lifted from $2.8 to $3.4.

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

Postby winston » Wed Jun 28, 2017 9:49 am

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NAGACORP (03918.HK) Surges 14% to Recoup 20MA; Substantial Shareholder's Stake Rises to 65.42%

NAGACORP (03918.HK) shot up for the fourth day from nearly 5-year low, and reclaimed 10MA and 20MA this morning ($3.49, $3.71).

The stock once hit $3.93 at peak and last printed at $3.88, surging 14%, on spiking volume of 17.07 million shares, being the highest in the last three months.

NAGACORP announced that on 23 June, the company received a revised notice from a substantial shareholder Dr. Chen Lip Keong that after careful consideration of the market responses, he had decided to concurrently exercise the conversion rights in respect of both the TSCLK Complex convertible bonds in full in the outstanding aggregate principal amount of US$275 million and the NagaCity Walk convertible bonds in full in the outstanding aggregate principal amount of US$94 million;

And agreed to voluntarily waive his entitlement to the adjusted conversion price under the NagaCity Walk convertible bonds as a result of the conversion of the TSCLK Complex convertible bonds which would otherwise apply under the relevant bond instruments, such that the conversion price under the NagaCity Walk convertible bonds would also be $1.5301 (same as the conversion price under the TSCLK Complex convertible bonds) instead of a conversion price of $0.6582 which would otherwise apply under the relevant bond instruments.

Assuming no other changes, the currently proposed conversions will lead to issuance of 1.881 billion shares to Dr. Chen, whose shareholding of the company will rise from 38.98% to 65.42%.

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

Postby winston » Tue Jul 11, 2017 9:39 am

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ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2017

Unaudited condensed consolidated interim results for the six months ended 30 June 2017

Gross gaming revenue increased by 40%
to US$386.8 million

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 19% to
US$181.0 million

Net profit increased by 20% to US$150.6 million

VIP rollings increased by 71% to US$7.8 billion
Mass Market table buy-ins increased by 23% to US$375.2 million
Mass Market EGMs bills-in increased by 15% to US$853.1 million

Basic earnings per share of US cents 6.12

An interim dividend for Shareholders and a distribution for the Bondholder of US cents 2.08
per Share/Conversion Share (or equivalent to HK cents 16.12 per Share/Conversion Share)
has been declared, representing a payout ratio of 60% based on the net profit generated for the
Period. The interim dividend and distribution shall be paid on Tuesday, 22 August 2017

http://www.hkexnews.hk/listedco/listcon ... 710826.pdf
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Wed Jul 12, 2017 6:03 am

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Bets on hold for site dig


by Janice Huang

Cambodia-based gaming firm NagaCorp (3918) said a project in Russia has been delayed to 2019 while a historic site where a casino is to be built is excavated.

Chairman Timothy McNally also said Vietnamese authorities have lifted a casino ban, but he does not see it having much affect on NagaCorp's business in neighboring Cambodia.

Also, a new casino resort, Naga2, should be open in Cambodia in October, but chief marketing officer Mike Ngai said it will need up to 12 months to show a profit.

Net profit for NagaCorp rose 20 percent year-on-year to US$150.6 million (HK$1.17 billion) in the first half of this year with an increase in international arrivals, especially Chinese, a factor.

Source: The Standard
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Wed Jul 12, 2017 10:09 am

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1H17: VIP strength

1H17 net profit was higher than expected at 74% of our full-year forecast.

Naga’s earnings strength in 1H17 was driven mainly by VIP segment through increased tourism to Cambodia and higher junket minimum bets.

We expect Naga2 to soft open in Oct 2017F.

Maintain Add but raise our target price to HK$5.07, still based on 8x FY17 EV/EBITDA

Source: CIMB

https://brokingrfs.cimb.com/c9TPROcMVuD ... xXIAg2.pdf
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Wed Jul 12, 2017 1:00 pm

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Solid 1H17 result led by growing Chinese traffic but with headwinds ahead

NagaCorp’s 1H17 result was solid with
(1) ex one-off EGM entry fee net profit up +39% YoY (accounting for 65% of FY17 consensus),
(2) volume improved across the segment driven by better Chinese traffic (VIP/mass/EGM +71/23/15%, respectively), and
(3) marginslightly declined despite mix towards lower margin VIP, in part offset by normalised luck (1H17: 2.7% vs 1H16: 2.5%).

Overall, the strong 1H17 performance was led by the historically more volatile VIP, which might see less visibility. Serving as the monopoly casino in Phnom Pehn, management outlook is positive with Naga2 growing Chinese traffic in light of political stability.

That said, we believe overhangs remain on
(1) the delayed gaming bill that may introduce tax rate hike and new rivalry, and
(2) the ongoing market concern for Dr. Chen to trim his 65% stake post concurrent CB conversion, that may pressure the share price.

On higher volume assumption, we revise our earnings by 5-9% for 17-18E and lift our TP to HK$4.90 (from HK$4.7).

While valuation on a fully diluted basis at 8x FY17E EBITDA with 5-6% yield looks undemanding, we maintain neutral rating with headwinds ahead.

Source: CS
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Re: NagaCorp 3918 / Chen Lip Keong

Postby winston » Fri Jul 14, 2017 2:36 pm

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July 11, 2017

Result Ann>NAGACORP (03918.HK) Interim Net Profit US$151M; Div US2.08 Cents

NAGACORP (03918.HK) announced the result for the six months ended 30 June 2017.

During the period, revenue amounted to US$402 million, growing 39.2% yearly;

Gross profit amounted to US$240 million, growing 16%;

Net profit amounted to US$151 million, growing 20.3%;

EPS amounted to US6.12 cents;

Interim dividend amounted to US2.08 cents (last fiscal year: US2.77 cents).

During the period, overall gross profit margin declined from 72% to 60%.

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

Postby winston » Tue Oct 17, 2017 9:18 am

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<Research Report>C Suisse Upgrades NAGACORP (03918.HK) to Outperform; Lifts Target to $5.6

Credit Suisse said in its report that NAGACORP (03918.HK) posted satisfying results for all businesses in 3Q, with VIP business volume hiking 58% yearly.

The group's Naga2 will start trial from 3 November, which will double up the company's turnover and become the long-term growth engine of the company.

Hence, the research house upgraded the company to Outperform from Neutral with target price raised to $5.6 from $4.9.

Source: AAStocks Financial News
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