Want to see HK:3918 full AI Analyst Report?
Top Page
NagaCorp
(3918)
Select Model
Select Model
Rating:73Outperform
Price Target:
HK$2.50
â–Ľ(-28.16% Downside)
Action:Reiterated
Date:10/06/26
The score is driven primarily by strong financial performance (sharp profitability rebound, improved leverage, and solid free cash flow) and attractive valuation (low P/E and ~6% dividend yield). These positives are partially offset by weak technicals, with the stock trading below key moving averages and showing bearish momentum indicators.
Positive Factors
Revenue recovery
The sustained revenue recovery indicates that NagaCorp has rebuilt operating scale after the downturn, rather than relying solely on a single period of improvement. Continued top-line expansion can support fixed-cost absorption, strengthen cash generation, and provide a base for further earnings growth over the next several quarters.
Negative Factors
Cyclical earnings
The historical swing from strong profitability to a deep loss demonstrates that NagaCorp’s earnings are sensitive to changes in operating conditions and demand. This cyclicality can make future profit and return levels less predictable, even though current results and leverage are materially improved.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery
The sustained revenue recovery indicates that NagaCorp has rebuilt operating scale after the downturn, rather than relying solely on a single period of improvement. Continued top-line expansion can support fixed-cost absorption, strengthen cash generation, and provide a base for further earnings growth over the next several quarters.
Read all positive factors
NagaCorp (3918) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$9.73B
Dividend Yield7.3%
Average Volume (3M)3.84M
Price to Earnings (P/E)4.1
Beta (1Y)1.00
Revenue Growth11.65%
EPS Growth17.97%
CountryHK
Employees5,944
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.07
Shares Outstanding4,422,990,000
10 Day Avg. Volume3,872,338
30 Day Avg. Volume3,835,274
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$4.80Price Target Upside37.93% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.06
Revenue Forecast (FY)HK$588.65M
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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 681.00M | 710.72M | 528.36M | 501.98M | 435.56M | 213.62M |
| Gross Profit | 496.08M | 577.77M | 456.69M | 421.64M | 375.97M | 143.53M |
| EBITDA | 549.84M | 600.98M | 202.85M | 295.34M | 245.42M | 15.57M |
| Net Income | 305.09M | 310.37M | 109.59M | 177.73M | 107.25M | -147.02M |
Balance Sheet | ||||||
| Total Assets | 2.82B | 2.77B | 2.46B | 2.75B | 2.59B | 2.43B |
| Cash, Cash Equivalents and Short-Term Investments | 416.23M | 372.22M | 129.42M | 368.89M | 178.92M | 124.26M |
| Total Debt | 109.56M | 183.89M | 121.93M | 525.37M | 533.67M | 613.90M |
| Total Liabilities | 319.26M | 367.53M | 304.46M | 726.21M | 740.33M | 777.62M |
| Stockholders Equity | 2.50B | 2.40B | 2.16B | 2.02B | 1.85B | 1.65B |
Cash Flow | ||||||
| Free Cash Flow | 302.73M | 303.23M | 190.68M | 234.25M | 178.33M | -114.30M |
| Operating Cash Flow | 396.02M | 388.55M | 306.62M | 289.12M | 306.54M | 35.95M |
| Investing Cash Flow | -93.52M | -81.01M | -85.79M | -42.91M | -124.43M | -145.24M |
| Financing Cash Flow | -131.28M | -55.83M | -448.82M | -53.83M | -128.83M | -225.73M |
NagaCorp Technical Analysis
Negative
3.48
Price Trends
2.91
Negative
3.18
Negative
3.59
Negative
Market Momentum
-0.22
Negative
22.81
Positive
12.79
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3918, the sentiment is Negative. The current price of 3.48 is above the 20-day moving average (MA) of 2.43, above the 50-day MA of 2.91, and below the 200-day MA of 3.59, indicating a bearish trend. The MACD of -0.22 indicates Negative momentum. The RSI at 22.81 is Positive, neither overbought nor oversold. The STOCH value of 12.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3918.
NagaCorp Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$140.33B | 13.09 | 12.77% | 5.30% | 8.39% | 11.34% | |
73 Outperform | HK$9.73B | 4.13 | 12.46% | 7.30% | 11.65% | 17.97% | |
64 Neutral | HK$34.66B | 7.60 | 129.87% | 6.61% | 11.01% | 6.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$23.80B | 7.88 | -22.18% | 9.92% | 9.38% | 60.07% | |
59 Neutral | HK$86.44B | 12.58 | 65.49% | 9.36% | 8.73% | -3.66% | |
44 Neutral | HK$8.06B | -14.88 | -4.07% | 3.09% | -16.41% | -3217.39% |
* Consumer Cyclical Sector Average
HK:3918
NagaCorp
2.20
-2.78
-55.79%
HK:0880
SJM Holdings
1.14
-1.74
-60.45%
HK:2282
MGM China Holdings
9.12
-5.27
-36.62%
HK:0027
Galaxy Entertainment Group
32.06
-4.44
-12.15%
HK:1928
Sands China
10.68
-7.88
-42.46%
HK:1128
Wynn Macau
4.49
-1.65
-26.87%
NagaCorp Corporate Events
NagaCorp Bolsters Board with New Independent Director
Oct 27, 2026
NagaCorp has appointed Mr. Yeap Chee Wan as an Independent Non-executive Director and member of its audit, nomination and remuneration committees, effective 27 October 2026. The move adds seasoned financial oversight to the board at a time when go...
NagaCorp Updates Board Line-Up and Governance Committees
Oct 27, 2026
NagaCorp Ltd., incorporated in the Cayman Islands and listed in Hong Kong under stock code 3918, operates in the gaming and hospitality sector with a focus on integrated resort and casino operations. The company targets regional tourism and entert...
NagaCorp’s Nine-Month Gaming Revenue Falls on Sharp VIP Slowdown
Oct 2, 2026
NagaCorp reported unaudited operational figures for the nine months to 30 September 2026 showing a broad-based decline in gaming metrics, led by a 21.5% drop in gross gaming revenue to US$417.9 million and a 16.7% fall in net gaming revenue. Mass ...
NagaCorp Shrugs Off VIP Slowdown as Mass Market Strength Bolsters Margins
Aug 24, 2026
NagaCorp reported an 8.6% year-on-year decline in gross gaming revenue to US$303.7 million for the six months to 30 June 2026, as a sharp slowdown in the VIP segment offset growth in mass market gaming. Mass market gross gaming revenue rose 2.7% t...
NagaCorp Declares Interim Cash Dividend for First Half of 2026
Aug 24, 2026
NagaCorp Ltd., a Hong Kong-listed company in the gaming and entertainment sector, operates casino and integrated resort businesses and manages its shareholder base through Union Registrars Limited. Its governance is overseen by a board comprising ...
NagaCorp Sets August Board Meeting to Approve Interim Results and Mull Dividend
Aug 12, 2026
NagaCorp Ltd. has scheduled a board meeting for 24 August 2026 to review and approve the interim financial results for the six months ended 30 June 2026. The board will also consider the declaration of an interim dividend, signaling potential retu...
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.