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03918 NAGACORP
RTNominal down4.020 -0.090 (-2.190%)
Research Report

25/07/2019 17:51

[I-bank focus]Citi lifts NagaCorp (03918) to HK$9.5

[ET Net News Agency, 25 July 2019] Citi Research lifted its target price for NagaCorp
(03918) to HK$9.5 from HK$9 and maintained its "sell" rating.
The research house said Naga's reported 1H revenue of US$892m (+22% YoY) accounts for
48% of Citi's prior FY2019 estimate. EBITDA grew 41% to US$328m, representing 59% of
Citi's prior FY2019 estimate. The results came in stronger than our expectations, largely
due to a more favorable VIP/Mass mix.
SunCity, currently the largest junket at Naga, has been expanding into other gaming
jurisdictions in the region. Citi thinks Naga's VIP growth could very likely decelerate if
SunCity moves VIP volumes from both Macau and Naga to casinos where it owns equity stakes.
(KL)

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