According to Zhitong Finance APP, NagaCorp (03918) fell more than 4%, with its share price having declined 24% this month. As of press time, it was down 4.55% at HK$2.41, with a turnover of HK$16.6502 million.
On the news front, NagaCorp announced earlier this month its operating summary for the nine months ended September 30, with total gaming revenue of US$418 million, down 21.5% year-on-year; net gaming revenue was US$389 million, down 16.7% year-on-year. Looking at the third quarter alone, total gaming revenue fell 43% year-on-year to US$114.2 million.
Citi believes that peripheral factors such as the Thailand-Cambodia border conflict and security concerns over telecommunications fraud, as well as a reduction in direct flights to Cambodia, continue to suppress gaming demand at NagaWorld.
According to a BofA Securities research report, the visibility of the company's gaming revenue recovery is limited, with gaming revenue growth slowing from 2.1% in the first quarter to a 20% decline in the second quarter and a 43% decline in the third quarter. Based on the disappointing gaming revenue, the bank lowered its EBITDA forecasts for fiscal years 2026 and 2027 by 27% and 38% respectively, to US$312 million and US$269 million.