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03918 NAGACORP
RTNominal down3.420 -0.130 (-3.662%)
Others

08/07/2020 10:28

{I-bank focus}Daiwa starts NagaCorp (03918) at "buy" & HK$12

[ET Net News Agency, 8 July 2020] Daiwa Research initiated coverage on NagaCorp (03918)
with a "buy" call and target price of HK$12.
The research house said the Cambodia government ordered the closure of casinos on 1
April. On 5 July, Naga announced it would re-open its casino on 8 July with VIP tables and
slot operations only.
Daiwa believes Naga is one of the most interesting investment opportunities in the
global gaming market. Naga's mass-market business has been built on business visitations
rather than leisure visitations. Daiwa believes not only will this business focus offer
resilience to a potential drop in GGR in 2020 due to social distancing, but it should
support a speedy recovery of GGR as business visitations are likely to normalise faster
than leisure visitations. (KL)

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