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NAGACORP: 2024 INTERIM REPORT
Hong Kong stocks continued to rise strongly in the afternoon! The Hang Seng Index and the H-Share Index rose more than 2%, while the Technology Index surged more than 3%; large technology stocks are all performing well, with jd.com up more than 7% and Mei
The three major stock indexes in Hong Kong rose unilaterally throughout the day, with a surge in market bullish sentiment. The Hang Seng Tech Index continued to climb in the afternoon, leading the way with a sustained increase of 3.8%, ultimately closing significantly higher at 3.25%, reaching a two-month high. The Hang Seng Index and the Mainland China Stock Index rose by 2% and 2.1% respectively.
Nagacorp (03918.HK): looking forward to more direct flights as well as more diverse foreign direct investment sources
1H24 performance lower than our expectations Nagacorp announced 1H24 performance on August 27: total revenue of 0.293 billion USD, a year-on-year increase of 11%, a sequential increase of 8% (recovering to 33% of 1H19). Among them, the total gambling
Da Hang Citi Bank (03918.HK) lowers target price to 2.95 yuan, next quarter's performance falls short of expectations.
Citi released research reports indicating that Emperor Entertainment Hotel Limited (03918.HK) underperformed expectations in the second quarter of this year, with a 2% increase in gambling total revenue year-on-year and a 5% decrease quarter-on-quarter. EBITDA for the period declined by 22% year-on-year, recording approximately 80 million USD in recurring EBITDA even after excluding the impact of one-time items, which is still about 11% lower than the bank's expectations. The main reason is that the volume of high-end VIP and mass market gambling business during the period was lower than expected. Citi pointed out that Emperor Entertainment's mid-term revenue in the second quarter has remained below pre-pandemic levels, and its performance compared to regional counterparts has been less than ideal. It is believed that this is due to continued additions in locations such as Macau, Singapore, Malaysia, the Philippines, and South Korea.
Goldman Sachs: Maintains a 'neutral' rating on Nagacorp (03918) with a target price lowered to 3.83 Hong Kong dollars.
Goldman Sachs maintains a forecast of 4 US cents per share dividend for Nagacorp in the second half of the year.
UBS Group slightly lowered the target price of Dah Sing Financial Holdings Limited (03918.HK) to 3.7 yuan and adjusted down the EBITDA forecast.
UBS Group issued a report, stating that Kingworld (03918.HK) recorded non-cash impairment in the Vladivostok project, while the second-quarter profit margin of the company declined due to impairment of accounts receivable and employee bonuses. Management stated that whether the Vladivostok project will further impair will depend on the interest rate environment and business prospects, and currently the project has been impaired by one-third, or approximately 89 million US dollars. UBS Group has lowered the future two-year EBITDA forecast for Kingworld by 3%, and the target price has also been adjusted slightly down by 3% to 3.7 yuan, while maintaining a "neutral" rating for Kingworld to reflect the slow pace of the company's profit recovery.
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