Company DescriptionNagaCorp 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 operates NagaWorld, an integrated hotel and entertainment complex that consists of 5,000 hotel rooms, 1,300 gaming tables, and 4,500 electronic gaming machines, as well as public and premium gaming halls, an all-suite luxury spa, shopping gallery, food and beverage outlets, entertainment services, and meeting spaces, as well as hotel convention spaces for accommodation of approximately 1,000 delegates. The company also engages in the provision of management consulting; management of aircraft; transportation support activities; travel agency services; marketing, sales, consultancy, and services related to travelling, hotels, and resorts; provision of employment placement agency services; and asset holding activities. In addition, it is involved in property development and investment activities; operation of retail business; and operation of football club. NagaCorp Ltd. was founded in 1995 and is based in Phnom Penh, the Kingdom of Cambodia.

How the Company Makes Money

NagaCorp Financial Statement Overview

Summary

NagaCorp presents a mixed financial position. While there is income growth and improved balance sheet leverage, operational challenges and missing cash flow data highlight concerns. Stability is noted, but cash flow management requires attention.

Income Statement

Positive

NagaCorp shows a moderate recovery trend in revenue and net income since 2021, with a noticeable revenue growth of 5.26% in 2024. However, gross and net profit margins have remained relatively stable around 86% and 20% respectively. The EBIT and EBITDA margins have decreased, indicating some operational challenges.

Balance Sheet

Positive

The company maintains a solid equity position with a high equity ratio of approximately 87.6% in 2024, suggesting financial stability. The debt-to-equity ratio has improved to 0.06, showing reduced leverage. Return on equity is moderate at 5.08%, reflecting steady profitability.

Cash Flow

Negative

Cash flow analysis shows weaknesses due to unreported operating, investing, and financing cash flows for 2024. The company had a strong free cash flow in 2023, but the lack of cash flow data for 2024 raises concerns about liquidity management.

Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Breakdown
Income Statement		Total Revenue
528.36M	501.98M	435.56M	213.62M	878.68M
	Gross Profit
456.69M	421.64M	375.97M	143.53M	427.00M
	EBIT
110.86M	198.68M	131.72M	-103.61M	165.36M
	EBITDA
202.85M	295.34M	245.42M	15.57M	265.23M
	Net Income Common Stockholders
109.59M	177.73M	107.25M	-147.02M	102.30M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
129.42M	368.89M	156.00M	102.72M	437.74M
	Total Assets
2.46B	2.75B	2.59B	2.43B	2.55B
	Total Debt
121.93M	525.37M	533.67M	613.90M	699.53M
	Net Debt
1.54M	176.99M	377.67M	511.17M	261.79M
	Total Liabilities
304.46M	726.21M	740.33M	777.62M	892.86M
	Stockholders Equity
2.16B	2.02B	1.85B	1.65B	1.66B
Cash Flow		Free Cash Flow
0.00	234.25M	178.33M	-114.30M	51.29M
	Operating Cash Flow
0.00	289.12M	306.54M	35.95M	213.12M
	Investing Cash Flow
0.00	-42.91M	-124.43M	-145.24M	-118.70M
	Financing Cash Flow
0.00	-53.83M	-128.83M	-225.73M	69.95M

NagaCorp Peers Comparison

Overall Rating

UnderperformOutperform

Sector (62)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NGCRF		$2.15B	19.52	5.24%	―	―	―
Sector *	62 Neutral	$6.88B	11.32	2.95%	3.87%	2.70%	-24.57%
SJMHF		$2.12B	2,950.00	0.03%	―	―	―
MCHVF		$5.20B	10.18		2.04%	―	―
GXYEF		$18.79B	14.80	11.92%	3.37%	―	―
SCHYF		$15.95B	14.33	203.51%	1.74%	―	―
WYNMF		$3.47B	7.90		5.38%	―	―

* Consumer Cyclical Sector Average

Performance Comparison

NGCRF

NagaCorp

0.48

-0.04

-7.69%

SJMHF

SJM Holdings

0.30

-0.06

-16.67%

MCHVF

MGM China Holdings

1.58

-0.10

-5.95%

GXYEF

Galaxy Entertainment Group

3.80

-1.03

-21.33%

SCHYF

Sands China

1.85

-0.49

-20.94%

WYNMF

Wynn Macau

0.62

-0.22

-26.19%

Glossary

OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.

NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.

UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

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