UBS Upgrades NAGACORP (03918) Target Price to HK$7.5, Rating Raised to "Buy"

Stock News09-03

UBS released a research report stating that NAGACORP's (03918) gross gaming revenue (GGR) momentum is accelerating, driven by growth in business travelers to Phnom Penh, Cambodia and increasing local demand. The firm noted that due to first-half results exceeding expectations, it is raising its GGR forecasts for 2025-2026 by 21% to 29%. The bank expects overall GGR to grow 32% year-on-year this year and 10% next year. UBS has raised its EBITDA forecast for NAGACORP by 46% for next year and upgraded its valuation basis, increasing the target multiple from 5x to 7x. The target price has been raised from HK$3.8 to HK$7.5, with the firm noting that the valuation remains reasonable. The rating has been upgraded from "Neutral" to "Buy".

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