Citigroup: Maintains NAGACORP "Sell" Rating, Target Price Raised to HKD 5.4
Citi released a research report stating that NAGACORP's total gaming revenue for the third quarter was USD 200 million, exceeding the bank's forecast of USD 152.4 million. Considering the company's revenue data, the bank raised its earnings forecast for the fiscal years 2025 to 2027 by 20% to 24%, with the target price adjusted from HKD 4.4 to HKD 5.4, but maintained a "Sell" rating. The bank noted that while the company's gaming revenue has shown strong growth over the past three quarters, there are still uncertainties regarding the scale of the Naga 3 project
According to the Zhitong Finance APP, Citigroup released a research report stating that NAGACORP (03918) had total gaming revenue of USD 200 million in the third quarter, exceeding the bank's forecast of USD 152.4 million. Considering the company's revenue data, the bank raised its earnings forecast for the fiscal years 2025 to 2027 by 20% to 24%, with the target price adjusted from HKD 4.4 to HKD 5.4, but maintained a "sell" rating. The bank stated that although the company's gaming revenue has shown strong growth over the past three quarters, there are still uncertainties regarding the scale of the Naga 3 project
