NagaCorp Likely to Lose Market Share as Competitors Improve Offerings -- Market Talk

Dow Jones04-04

0942 GMT - NagaCorp's 1Q earnings beat expectations slightly, but longer-term trends including the demise of Macau-based junkets and rising regional competitiveness cast doubt on the Cambodian casino operator's prospects, Citi Research analyst Ryan Cheung and George Choi write in a research note. Chinese visitation to Cambodia in February remained at about 27% of 2019 levels, they note, adding that "when the Mainland Chinese players return, they will likely return to other quality casinos with improved offerings in the region first." They believe NagaCorp will become "a market share donor" in coming years amid delays in its Naga 3 project. Citi keeps a sell rating and a HK$3.00 target price. Shares last closed at HK$3.47, with year-to-date gains at 13%. (ben.otto@wsj.com; @benottoWSJ)

(END) Dow Jones Newswires

April 04, 2024 05:42 ET (09:42 GMT)

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Chinese visitation to Cambodia in February remained at about 27% of 2019 levels, they note, adding that \"when the Mainland Chinese players return, they will likely return to other quality casinos with improved offerings in the region first.\" They believe NagaCorp will become \"a market share donor\" in coming years amid delays in its Naga 3 project. Citi keeps a sell rating and a HK$3.00 target price. Shares last closed at HK$3.47, with year-to-date gains at 13%. 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Chinese visitation to Cambodia in February remained at about 27% of 2019 levels, they note, adding that \"when the Mainland Chinese players return, they will likely return to other quality casinos with improved offerings in the region first.\" They believe NagaCorp will become \"a market share donor\" in coming years amid delays in its Naga 3 project. Citi keeps a sell rating and a HK$3.00 target price. Shares last closed at HK$3.47, with year-to-date gains at 13%. 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