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NagaCorp
(3918)
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Rating:72Outperform
Price Target:
HK$4.00
â–²(14.94% Upside)
Action:Upgraded
Date:08/06/26
The score is driven primarily by strong financial performance (notably the 2025 profitability rebound, improved cash generation, and a de-risked balance sheet) and supportive valuation (low P/E and solid dividend yield). These positives are partially offset by weak technicals, with the stock trading below key moving averages and negative momentum indicators.
Positive Factors
Profitability rebound
Exceptional 2025 margins indicate the business can convert revenue into profit at a very high rate when demand is favorable. Sustained high operating leverage from an integrated resort model supports durable margin recovery across multi-year upcycles, improving return generation and reinvestment capacity.
Negative Factors
Cyclicality and volatility
Historic swings from deep losses to high profits show high sensitivity to economic, travel and consumer-spend cycles. Even with current strength, earnings, margins and cash flow can reverse quickly in downturns, complicating forecasting and long-term payout reliability.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability rebound
Exceptional 2025 margins indicate the business can convert revenue into profit at a very high rate when demand is favorable. Sustained high operating leverage from an integrated resort model supports durable margin recovery across multi-year upcycles, improving return generation and reinvestment capacity.
Read all positive factors
NagaCorp (3918) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$14.13B
Dividend Yield5.1%
Average Volume (3M)2.88M
Price to Earnings (P/E)5.9
Beta (1Y)0.87
Revenue Growth11.65%
EPS Growth17.97%
CountryHK
Employees5,968
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.07
Shares Outstanding4,422,990,000
10 Day Avg. Volume3,759,790
30 Day Avg. Volume2,878,405
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.10
Price to Sales (P/S)3.73
P/FCF Ratio8.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$5.93Price Target Upside70.26% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.07
Revenue Forecast (FY)HK$649.42M
NagaCorp Business Overview & Revenue Model
Company Description
NagaCorp Ltd. operates as an investment holding company, with its primary focus on managing and running a comprehensive hotel and casino complex located in the Kingdom of Cambodia. The company's activities are structured into two main divisions: C...
How the Company Makes Money
NagaCorp makes money primarily by operating casino gaming activities at its NagaWorld integrated resort in Phnom Penh. Its largest revenue stream comes from gaming, which typically includes (i) mass-market/table and slot play where the casino earn...
NagaCorp Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
79
Positive
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 710.72M | 528.36M | 501.98M | 435.56M | 213.62M |
| Gross Profit | 577.77M | 456.69M | 421.64M | 375.97M | 143.53M |
| EBITDA | 601.12M | 202.85M | 295.34M | 245.42M | 15.57M |
| Net Income | 310.37M | 109.59M | 177.73M | 107.25M | -147.02M |
Balance Sheet | |||||
| Total Assets | 2.77B | 2.46B | 2.75B | 2.59B | 2.43B |
| Cash, Cash Equivalents and Short-Term Investments | 372.22M | 129.42M | 368.89M | 178.92M | 124.26M |
| Total Debt | 183.89M | 121.93M | 525.37M | 533.67M | 613.90M |
| Total Liabilities | 367.53M | 304.46M | 726.21M | 740.33M | 777.62M |
| Stockholders Equity | 2.40B | 2.16B | 2.02B | 1.85B | 1.65B |
Cash Flow | |||||
| Free Cash Flow | 303.23M | 190.68M | 234.25M | 178.33M | -114.30M |
| Operating Cash Flow | 388.55M | 306.62M | 289.12M | 306.54M | 35.95M |
| Investing Cash Flow | -81.01M | -85.79M | -42.91M | -124.43M | -145.24M |
| Financing Cash Flow | -55.83M | -448.82M | -53.83M | -128.83M | -225.73M |
NagaCorp Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$145.41B | 13.09 | 12.77% | 5.30% | 8.39% | 11.34% | |
72 Outperform | HK$14.13B | 5.92 | 12.46% | 5.10% | 11.65% | 17.97% | |
64 Neutral | HK$39.79B | 8.42 | 129.87% | 5.97% | 11.01% | 6.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$29.71B | 9.65 | -22.18% | 8.10% | 9.38% | 60.07% | |
59 Neutral | HK$111.61B | 15.77 | 65.49% | 5.61% | 8.73% | -3.66% | |
43 Neutral | HK$10.08B | -18.28 | -4.07% | 3.09% | -16.41% | -3217.39% |
* Consumer Cyclical Sector Average
HK:3918
NagaCorp
3.15
-2.74
-46.53%
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NagaCorp Corporate Events
NagaCorp Shifts Hong Kong Share Registry to Union Registrars
Jul 6, 2026
NagaCorp Ltd. has announced a change to its Hong Kong branch share registrar and transfer office, appointing Union Registrars Limited as the new provider effective 20 July 2026. The move updates the handling of share registration and transfer serv...
NagaCorp Wins Strong Shareholder Backing at 2026 AGM
Jun 25, 2026
NagaCorp shareholders approved all resolutions at the 2026 annual general meeting held on 25 June, with voting conducted by poll across the company’s entire issued share base and no abstentions required under Hong Kong listing rules. Attenda...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.