NagaCorp's Recovery Seen Delayed by Weak Gaming Demand
Dow Jones10-05
0051 GMT - NagaCorp's gaming recovery is likely not until early next year as security concerns and reduced flights to Cambodia continue to weigh on demand, says Citi analyst Timothy Chau in a note. The Hong Kong-listed gaming, hotel, and leisure company's 3Q gross gaming revenue of US$114.2 million missed Citi's estimate. Whileweakness in VIP demand isn't surprising, the mass-market decline points to a slower recovery. The bank cuts its FY26-28 earnings forecasts by 8%-12% and lowers its target price to 4.10 Hong Kong dollars from HK$5.00. Citi retains its buy rating on the stock, which closed 2.98% lower at HK$3.09 on Friday.
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