CLSA Raises NAGACORP Target Price to HK$7.50, Expects Strong Cash Flow This Year

Stock News03-25

CLSA has issued a research report stating that NAGACORP (03918) delivered solid performance in 2025 and is expected to generate strong cash flow in 2026. This is attributed to the continued recovery in VIP gaming volume and capital expenditure for the year being 26% lower than the firm's initial forecast. The visa-exemption arrangement for Chinese citizens entering Cambodia, set to take effect from mid-June, is anticipated to boost revenue growth in the third quarter. The firm's long-term investment outlook remains unchanged. It has raised its profit forecasts for 2026 and 2027 by 1% to 2%, assuming a maintained dividend payout ratio of 30%. Net cash is projected to reach $726 million by 2028, equivalent to 31% of its market capitalization. CLSA maintains an "Outperform" rating and has increased the target price from HK$6.80 to HK$7.50.

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