NagaCorp Ltd. (HK:3918)
:3918
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NagaCorp
(3918)
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Rating:68Neutral
Price Target:
HK$4.50
▼(-19.79% Downside)
Action:Reiterated
Date:05/02/26
The score is driven primarily by strong financial performance (sharp profitability and revenue rebound, plus a de-risked balance sheet) and supportive valuation (low P/E). This is tempered by weak technicals, with the stock trading below key moving averages and negative MACD despite oversold readings.
Positive Factors
Margin Sustainability
Exceptionally high 2025 margins indicate strong pricing power and operating leverage from the integrated-resort model. Sustained elevated margins support cash generation, 내부 reinvestment and dividend capacity, and create buffer versus cyclical downturns if demand holds.
Negative Factors
Cyclicality & Earnings Volatility
Historical swings (deep 2021 loss and volatile returns) signal earnings sensitivity to demand cycles. Such volatility complicates forecasting, weakens sustainable payout expectations, and raises the risk that strong recent margins could reverse in a downturn or weaker visitation period.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Sustainability
Exceptionally high 2025 margins indicate strong pricing power and operating leverage from the integrated-resort model. Sustained elevated margins support cash generation, 내부 reinvestment and dividend capacity, and create buffer versus cyclical downturns if demand holds.
Read all positive factors
NagaCorp (3918) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$17.69B
Dividend Yield1.63%
Average Volume (3M)4.94M
Price to Earnings (P/E)4.1
Beta (1Y)0.90
Revenue Growth26.04%
EPS Growth183.06%
CountryHK
Employees6,062
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.07
Shares Outstanding4,422,990,000
10 Day Avg. Volume7,695,697
30 Day Avg. Volume4,939,267
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$6.73Price Target Upside19.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.08
Revenue Forecast (FY)HK$756.70M
NagaCorp Business Overview & Revenue Model
Company Description
NagaCorp Ltd., an investment holding company, manages and operates a hotel and casino complex in the Kingdom of Cambodia. The company operates in two segments, Casino Operations, and Hotel and Entertainment Operations. It owns, manages, and operat...
How the Company Makes Money
NagaCorp primarily makes money by operating its integrated resort in Phnom Penh, with the largest revenue contribution typically coming from casino gaming. Its revenue model is centered on: (1) Casino gaming revenue: Earnings are generated from ga...
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 Technical Analysis
Negative
5.61
Price Trends
4.06
Negative
4.28
Negative
4.80
Negative
Market Momentum
>-0.01
Positive
45.74
Neutral
20.90
Neutral
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 5.61 is above the 20-day moving average (MA) of 4.05, above the 50-day MA of 4.06, and above the 200-day MA of 4.80, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.74 is Neutral, neither overbought nor oversold. The STOCH value of 20.90 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$145.06B | 7.71 | 13.12% | 3.06% | 9.63% | 21.77% | |
68 Neutral | HK$17.69B | 4.10 | 13.18% | 1.63% | 26.04% | 183.06% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$39.41B | 4.66 | 194.66% | 5.73% | 10.97% | 10.35% | |
56 Neutral | HK$29.79B | 19.16 | -11.87% | 5.92% | -1.98% | -49.13% | |
52 Neutral | HK$123.42B | 22.74 | 71.16% | 2.39% | 4.17% | -14.33% | |
43 Neutral | HK$13.64B | -39.90 | -3.22% | ― | -3.01% | -15200.00% |
* Consumer Cyclical Sector Average
HK:3918
NagaCorp
4.00
0.42
11.89%
HK:0880
SJM Holdings
1.88
-0.37
-16.44%
HK:2282
MGM China Holdings
10.36
0.17
1.64%
HK:0027
Galaxy Entertainment Group
32.50
1.68
5.45%
HK:1928
Sands China
15.21
0.98
6.92%
HK:1128
Wynn Macau
5.55
0.54
10.89%
NagaCorp Corporate Events
NagaCorp Sets 2026 AGM to Approve Results, Dividend and Share Mandate
Apr 28, 2026
NagaCorp has called its annual general meeting for 25 June 2026 in Hong Kong, where shareholders will vote on adopting the 2025 audited financial statements, approving a final dividend, re-electing two long-serving independent non-executive direct...
NagaCorp Q1 2026 Gaming Update Shows Mass Market Growth Amid VIP Weakness
Apr 8, 2026
NagaCorp reported unaudited gaming operational figures for the first quarter of 2026, showing gross gaming revenue of US$174.7 million, up 2.1% year on year, and net gaming revenue of US$160.0 million, up 7.9%. Performance was driven by strong gro...
NagaCorp Earnings Surge on Strong Gaming Growth and Margin Expansion
Mar 23, 2026
NagaCorp reported a strong set of results for the year ended 31 December 2025, with Gross Gaming Revenue rising 27.4% to US$691.6 million, driven by both mass market and VIP segments. Mass Market GGR climbed 22.8% to US$485.0 million, while VIP GG...
NagaCorp Declares Final 2025 Dividend and Sets Key Dates
Mar 23, 2026
NagaCorp Ltd. has declared a final ordinary dividend of US$0.0109 per share for the financial year ended 31 December 2025, payable in Hong Kong dollars at HK$0.0845 per share. The payout is subject to shareholder approval on 25 June 2026 and will ...
NagaCorp Sets March Board Meeting to Approve 2025 Results and Consider Final Dividend
Mar 11, 2026
NagaCorp has scheduled a board meeting for 23 March 2026 to review and approve the final results for the financial year ended 31 December 2025. The board will also consider whether to recommend a final dividend, a decision that could affect shareh...
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.