智通财经APP获悉，中金发布研报称，鉴于金界控股(03918)的博彩业务恢复可能需要更长时间，该行将 公司2025年EBITDA预测下调25%至3.29亿美元，并引入2026年EBITDA预测为3.93亿美元。公司目前交 易于5倍2025年EV/EBITDA。该行维持跑赢行业评级，但由于盈利预测下调及行业估值中枢修正，该行 下调目标价8%至4.40港元，对应7倍2025年EV/EBITDA。 中金主要观点如下： 中场板块引领公司复苏趋势 金界控股于近期公布其1Q25季度博彩运营数据。公司1Q25总博彩收入达到1.71亿美元，同比增长 18%，恢复至1Q19的53%。其中，中场博彩收入引领复苏，同比增长24%，恢复至1Q19的120%水平;贵 宾博彩收入仍然承压，同比增长17%，但是仅仅恢复至1Q19的29%水平。然而，公司1Q25净博彩收入 已经恢复至1Q19的92%，达到1.48亿美元，该行认为这是得益于高利润率的中场业务的收入占比逐步提 升，公司收入质量有所提升。 赴柬旅客人数有望增长推动中场业务 2025年2月，赴柬旅客总数和中国赴柬旅客人数分别恢复至2019年同期的109%和49%。考虑到：1)直飞 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 NAGACORP LTD. 金界控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3918） 截至二零二四年十二月三十一日止年度 全年業績公告 金界控股有限公司（「本公司」，連同其附屬公司，「本集團」）截至二零二四年 十二月三十一日止財政年度（「本年度」或「二零二四財年」）的摘要 1 中場賭桌分部按年（「按年」）增長28.4%，此乃受本公司的策略舉措及業務提 升所驅動。該增長主要由於國際旅客數量回升及於NagaWorld成功推行高限 額博彩區域，按押籌碼按年增長13.6%。該新區域旨在吸引平均消費更高的 高端中場客戶，從而提高了賭桌收益。於二零二四財年，高端中場客戶貢獻 中場賭桌博彩總收入的33.9%，較截至二零一九年十二月三十一日止財政年 度（「二零一九財年」）疫情前錄得的23.3%大幅提高。此外，中場賭桌分部推 出的新下注遊戲有助於提高年內的勝出率。這些舉措凸顯了本公司致力於完 善產品供應 ...

6 NAGACORP 金界控股有限公司 NAGACORP LTD.// 金界控股有限公司 (於同曼群島註冊成立的有限公司) 股份代號 : 3918 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|--------------------------------|-------|-------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | EBER | | | | | | | | | | | | | ...

Financial Performance - Total gaming revenue increased by 12.3% to $283.4 million compared to $252.3 million in the same period last year[4] - Gross profit (after gaming tax) rose by 14.0% to $231.0 million from $202.7 million year-on-year[4] - EBITDA decreased by 61.3% to $55.5 million from $143.2 million in the previous year, primarily due to a non-cash impairment loss of $89.1 million related to the Vladivostok project[4] - The company reported a net loss of $1.0 million, compared to a net profit of $83.0 million in the same period last year, largely due to the aforementioned impairment loss[2] - Total revenue for the six months ended June 30, 2024, was $292.76 million, an increase from $263.03 million in the same period of 2023, representing an 11.4% growth[13] - The company reported a pre-tax loss of $963,000 for the six months ended June 30, 2024, compared to a profit of $82.97 million in the same period of 2023[18] - The company reported a significant increase in impairment losses on trade receivables, rising to $5.51 million from $1.20 million in the previous year[15] - The casino segment reported a profit of $72.91 million for the six months ended June 30, 2024, down from $155.21 million in the same period of 2023[21] - The company reported a pre-tax loss of $846,000 for the six months ended June 30, 2024, compared to a profit of $83,097,000 in the same period of 2023[24] - The company reported a revenue of $659,914,000 for the first half of 2024, representing a 20% increase compared to $549,693,000 in the same period of 2023[46] - The net loss attributable to shareholders was $1,000,000 for the first half of 2024, compared to a net profit of $83,000,000 in the same period of 2023[55] Gaming Revenue Breakdown - The mass market gaming revenue grew by 17.8% to $192.0 million, while VIP market gaming revenue increased by 2.3%[2] - High-limit mass table gaming chips increased by 30.8% year-on-year to $265.6 million, with total gaming revenue from this segment rising by 39.2% to $45.2 million[5] - Casino operations generated $222.06 million from table games, up from $187.41 million, while electronic gaming machine revenue decreased to $61.33 million from $64.90 million[13] - The high-end VIP market saw a decrease in turnover by 11.7% to $1,800,000,000, generating revenue of $60,300,000, a decline of 4.1% year-on-year[48] - The company experienced a 12.6% decrease in non-gaming revenue, primarily due to a decline in hotel occupancy rates[50] Financial Position and Liquidity - The company fully repaid its maturing senior notes of $472.2 million in early July 2024, improving its liquidity position[6] - Total assets decreased to $2,240.1 million from $2,341.3 million as of December 31, 2023[8] - The company’s net cash position improved, with current liabilities net worth at $(82.8) million compared to $(243.7) million previously[8] - The total number of shares held through the Stock Connect program reached 43.3 million, accounting for 0.97% of the total issued shares, indicating increased liquidity and interest from mainland Chinese investors[42] - As of June 30, 2024, the group's cash and bank balances totaled $570,800,000, up from $367,600,000 as of December 31, 2023, indicating a significant increase in liquidity[59] - The net current liabilities decreased to $82,800,000 as of June 30, 2024, compared to $243,700,000 as of December 31, 2023, reflecting improved financial stability[60] Operational Costs and Expenses - The company incurred financing costs of $20.35 million for the six months ended June 30, 2024, slightly up from $19.87 million in the previous year[14] - The casino license premium amortization and depreciation for the six months ended June 30, 2024, was $41.99 million, down from $45.01 million in 2023[15] - Administrative and other operating expenses increased by $23,600,000 or 39% to $84,900,000 during the period[53] - The company’s financing costs for the period amounted to $10,100,000, a slight decrease from $10,900,000 in the previous year[54] Market and Economic Conditions - The average daily revenue for the mid-market increased by 5.7% year-on-year to $10,500,000, recovering to 87.2% of pre-pandemic levels as of FY2019[35] - The number of international visitors to Cambodia reached 3,200,000 in the first half of 2024, recovering to 94.8% of the same period in 2019[37] - High-end VIP customer per capita turnover grew approximately 11.6% year-on-year, with daily turnover recovering to 82.6% of pre-pandemic levels[35] - The average daily turnover for the referral VIP market increased by 17.6% year-on-year, driven by a 3.8% increase in win rate[35] - Business travel in the first half of 2024 reached 93.8% of pre-pandemic levels, largely due to cross-border travel from Vietnam and Thailand[37] - Cambodia's GDP growth remains robust, with a projected increase in foreign direct investment (FDI) leading to a significant rise in approved investment projects, totaling $3.2 billion in the first half of 2024, nearly double the amount from the same period last year[39] - Cambodia's exports reached $16.9 billion in the first half of 2024, reflecting a year-on-year growth of 14.2%, driven by diversified export markets and increased trade agreements[40] Strategic Initiatives and Community Engagement - The company’s loyalty program, NagaWorld Rewards, continues to enhance customer data understanding, leading to targeted marketing efforts[47] - NagaWorld has conducted over 688 community-focused activities since 2014, engaging employees for approximately 37,000 hours in initiatives aimed at education, community involvement, and environmental protection[43] - The company is committed to enhancing its environmental commitments, including setting environmental targets for carbon emissions, electricity, water usage, and food waste by 2030[70] - The company has recycled over 1,660 kilograms of soap through its "Soap Hope" project, benefiting 725 families and promoting sustainability[44] Future Outlook and Developments - The Naga 3 project's structural engineering for the foundation and underground floors is largely completed, with final cleaning and leak work expected to be finished by Q4 2024[71] - The Cambodian government aims to achieve $15 billion in bilateral trade with Thailand by 2025, promoting more business visits and investments[74] - The new Phnom Penh International Airport is expected to be operational by 2025, with a capacity of up to 13 million passengers annually, enhancing tourism and business travel to Cambodia[73] - Cambodia's international arrivals are projected to reach 7 million by 2025, surpassing the pre-pandemic figure of 6.6 million in 2019[73] - The Cambodian government is actively improving infrastructure and hospitality services to attract more tourists, particularly from China[74] - The National Data Centre in Cambodia is expected to be fully operational by 2025, supporting the country's digital economy transformation[74] - The group maintains an optimistic outlook on long-term growth prospects, driven by the recovery of international tourism and political stability in Cambodia[75] - NagaWorld, as the only integrated resort in Phnom Penh, is expected to benefit from attracting more tourists seeking competitive pricing and luxury lifestyle products[75] - The development of Naga 3 aligns with the Cambodian government's vision to support the tourism industry, positioning it as a key contributor to the regional tourism landscape[75]

a NAGACORP 金 界 控 股 有 限 公 司 NAGACORP LTD.// 金界控股有限公司 《於開曼群島註冊成立的有限公司) 股份代號 : 3918 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|--------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

Gaming Revenue and Market Performance - Gaming revenue increased by 15.5% to $514.8 million in 2023, compared to $445.9 million in 2022[1] - High-end VIP market turnover increased by 46.5% to $4.3 billion in 2023, driven by higher visitor numbers and average turnover per visit[1] - Referral VIP market gaming revenue rose by 67.6% to $44.2 million in 2023, supported by a 52.3% increase in business volume[1] - Mass market daily turnover recovered to 82.3% of pre-pandemic levels, with a 7.2% year-on-year increase in 2023[6] - High-end VIP market daily turnover recovered to 97.7% of pre-pandemic levels, with a 46.2% year-on-year revenue growth in 2023[7] - Referral VIP market revenue grew by 67.6% in 2023, supported by a 52.3% increase in turnover[8] - Casino operations revenue increased to $387.52 million in 2023, up from $321.57 million in 2022, representing a 20.5% growth[18] - Casino segment profit grew to $326.62 million in 2023, up 19.3% from $273.85 million in 2022[30] - Reported segment revenue increased to $538.3 million in 2023, up 15.4% from $466.3 million in 2022[31] - The mid-market segment's daily revenue increased by 7.2% year-on-year to $9,900,000, recovering 82.3% compared to the pre-pandemic peak year of 2019[45] - The high-end VIP market's daily rolling chip turnover grew by 46.5% year-on-year to $11,700,000, recovering 97.7% compared to the pre-pandemic peak year of 2019[45] - The mid-market and high-end VIP market segments contributed approximately 91.4% and 93.9% of the company's total gaming revenue and gross profit, respectively[45] - Mid-market (hall tables and electronic gaming machines) revenue increased by 9.4% and 6.1% respectively, driven by a large expatriate community, ASEAN tourists, and a rebound in Chinese tourists[57] - High-end VIP market turnover increased by 46.5% to $4.3 billion, with a win rate of 3.8%, generating $133.6 million in revenue, a 46.2% year-on-year increase[58] - Referral VIP market turnover grew by 52.3% to $1.9 billion, with a win rate of 2.3%, resulting in $44.2 million in revenue, a 67.6% year-on-year increase[59] - Total gaming revenue reached $514.8 million, with net gaming revenue at $443.45 million, representing a 15% and 13% year-on-year increase respectively[56] - Mid-market contributed 63% of total revenue ($337 million) with a gross margin of 89%, while high-end VIP market contributed 25% ($133.6 million) with a gross margin of 72%[60] - Referral VIP market contributed 8% of total revenue ($44.2 million) with a gross margin of 24%, and non-gaming contributed 4% ($18.4 million) with a gross margin of 84%[60] - Total revenue for the year was $460.7 million, with the mid-market segment contributing $328.1 million (71%) and the high-end VIP market contributing $91.4 million (20%)[61] Financial Performance and Profitability - Net profit surged by 65.7% to $177.7 million in 2023, up from $107.3 million in 2022[1] - EBITDA grew by 20.3% to $295.3 million in 2023, with an EBITDA margin of 55.4%[1] - Revenue for the year 2023 increased to $533.247 million, up from $460.693 million in 2022, representing a growth of approximately 15.7%[11] - Gross profit rose to $421.636 million in 2023, compared to $375.966 million in 2022, reflecting an increase of about 12.1%[11] - Operating profit for 2023 was $198.676 million, a significant increase from $131.722 million in 2022, marking a growth of approximately 50.8%[11] - Net profit attributable to the company's owners reached $177.732 million in 2023, up from $107.254 million in 2022, showing a growth of about 65.7%[11] - Basic earnings per share increased to 4.02 cents in 2023 from 2.42 cents in 2022, reflecting a growth of approximately 66.1%[11] - Total comprehensive income for the year 2023 was $175.319 million, compared to $106.554 million in 2022, indicating a growth of about 64.5%[12] - Pre-tax profit for 2023 was $177.73 million, a significant increase from $107.25 million in 2022, marking a 65.7% growth[25] - Pre-tax profit surged to $178.0 million in 2023, a 65.6% jump from $107.5 million in 2022[31] - Net profit increased by 65.7% to $177,700,000, and EBITDA grew by 20.3% to $295,300,000 in the current year[44] - Net profit attributable to shareholders was $177.7 million, with a net profit margin of 33.3% (2022: 23.3%). Basic earnings per share were 4.02 cents (31.16 HK cents)[63] - Net profit attributable to the company's owners increased to $177,732 thousand in 2023, up from $107,254 thousand in 2022, representing a significant growth[73] - EBITDA for 2023 reached $295,338 thousand, compared to $245,416 thousand in 2022, showing a strong financial performance[73] Cash Flow and Financial Position - Cash and bank balances increased significantly to $367.6 million as of December 31, 2023, up from $175.2 million in 2022[9] - Net debt stood at $103.4 million as of 2023, with a net debt-to-equity ratio of 5.1% and a net debt-to-EBITDA ratio of 0.35x[9] - Current assets increased significantly to $409.531 million in 2023 from $229.964 million in 2022, representing a growth of approximately 78.1%[13] - Total equity rose to $2,024.646 million in 2023, up from $1,849.327 million in 2022, reflecting an increase of about 9.5%[13] - Total assets increased to $3.15 billion in 2023, up 5.4% from $2.99 billion in 2022[30] - Total assets grew to $2.75 billion in 2023, up 6.2% from $2.59 billion in 2022[31] - Cash and bank balances (including restricted bank balances and time deposits) totaled $367.6 million, a significant increase from $175.2 million in 2022[68] - The company's net asset value increased to $2.0 billion (2022: $1.8 billion), and the asset-to-liability ratio improved to 5.1% (2022: 15.9%)[68] - The company's cash and fixed deposits stood at $367.6 million as of December 31, 2023, supported by business recovery and prudent cash management[50] - The company's debt-to-equity ratio improved significantly to 5.1% as of December 31, 2023, compared to 15.9% at the end of 2022[50] - The company secured an $80 million loan at an 8% annual interest rate to refinance and partially repay $472.2 million in 2024 senior notes due in July 2024[50] Capital Expenditures and Investments - Capital expenditures significantly decreased to $39.93 million in 2023 from $243.71 million in 2022, an 83.6% reduction[30] - Property, plant and equipment purchases dropped to $39.9 million in 2023, an 83.6% decrease from $243.8 million in 2022[33] - The company invested at least $350 million in a Russian gaming and resort project through an investment agreement[35] - The Naga 3 project's foundation and underground floors are expected to be fully completed by Q1 2024[74] - The company has indefinitely suspended the development of its Vladivostok gaming and resort project due to force majeure events[74] Dividends and Share Issuance - The company did not declare any interim or final dividends for 2023, compared to $64.35 million in dividends declared for 2022[23][24] - Issued and fully paid ordinary shares increased to 4.42 billion in 2023 from 4.38 billion in 2022[41] - The company issued 40,853,806 shares under the scrip dividend scheme to pay 100% of the 2022 final dividend, with a market value of $0.804 per share (or HK$6.232 per share)[42] - The company issued 40,853,806 new ordinary shares under a scrip dividend scheme to pay 100% of the 2022 final dividend, based on a market price of 80.4 cents per share[67] - No final dividend was recommended for the year, compared to a final dividend of 0.75 US cents per share in 2022[80] Tourism and Economic Recovery - The number of international tourists visiting Cambodia in 2023 reached 5,500,000, recovering 82.5% compared to 2019[46] - As of February 15, 2024, there were 507 weekly direct flights to Cambodia, with 399 from Southeast Asia (including Korea and Japan) and 108 from Greater China[46] - Flight capacity from Southeast Asia (including Korea and Japan) and Greater China to Cambodia has recovered to approximately 83.3% and 26.0%, respectively, compared to pre-pandemic levels[46] - Cambodia is expected to attract 7,000,000 international tourists by 2025, surpassing the pre-pandemic level of 6,600,000 in 2019[46] - Cambodia's foreign direct investment (FDI) reached $4.9 billion in 2023, a 22% year-on-year increase, with China accounting for two-thirds of the total investment[47] - Cambodia's economy is recovering steadily, with tourism identified as a key driver for GDP growth, supported by infrastructure investments and regional trade agreements[75] - The opening of new airports, such as Siem Reap Angkor International Airport and Phnom Penh Techo Takhmao International Airport, is expected to boost international tourism in Cambodia by 2025[75] - Cambodia has implemented the "China Ready" strategy to attract Chinese tourists, including allowing the use of RMB in hotels, restaurants, and tourism services[76] - The company expects a surge in demand driven by the recovery of international tourism and increased flight frequencies, benefiting NagaWorld's property traffic[76] - The company remains optimistic about its long-term prospects, with NagaWorld positioned to benefit from Cambodia's overall economic growth and tourism recovery[77] Corporate Social Responsibility (CSR) and Environmental Initiatives - NagaWorld has organized over 660 corporate social responsibility (CSR) activities since 2014, involving approximately 6,700 employees[52] - The company's fire safety awareness initiative has engaged over 11,000 community participants and donated 28 fire extinguishers[52] - NagaWorld Kind Hearts recycled over 1,600 kg of soap, benefiting nearly 460 families, and recycled over 130 kg of used batteries in 2023[53] - NagaWorld Kind Hearts planted approximately 1,300 trees in Kampong Speu as part of its environmental conservation efforts[53] - NagaWorld received multiple international awards, including the Stevie® Award for Corporate Social Responsibility and the ESG Icon Recognition Award[54] Operational and Administrative Expenses - Administrative and other operating expenses (excluding impairment losses, depreciation, and amortization) decreased by $3.2 million (2.4%) to $134.3 million[62] - The company employed 6,038 staff (2022: 6,398), with total employee costs of $88.4 million (2022: $87.4 million)[69] - The company's financing costs for the year were $20.7 million (2022: $24.3 million), related to interest expenses and transaction costs for the 2024 senior notes[63] - Financing costs decreased to $20.71 million in 2023 from $24.26 million in 2022, a 14.6% reduction[19] Trade Receivables and Other Financial Metrics - Trade receivables (net of impairment) increased to $13.8 million in 2023 from $9.1 million in 2022[36] - Trade receivables increased from $9.1 million to $13.8 million, with no impairment losses recognized during the year (2022: $2.4 million)[71] - The company repurchased $77,845,000 of the 2024 senior notes at a purchase price between 91.83% to 92.10%, resulting in $472,155,000 of the 2024 senior notes remaining outstanding[43] - The company's shares held through the Stock Connect program reached 25.7 million as of February 15, 2024, reflecting increased liquidity and investor interest[51] Non-Gaming Revenue and Other Business Segments - Non-gaming (hotel, dining, and entertainment) revenue increased by 24.5%, benefiting from the reopening of China and other regional countries[60] - Gross profit for the year was $421.6 million, with an overall gross margin of 79% (2022: 82%). The mid-market segment maintained a high gross margin of 89% (2022: 90%)[61] Accounting and Financial Reporting - The company adopted new or amended International Financial Reporting Standards (IFRS) effective from January 1, 2023, which impacted the accounting policy disclosures but did not affect the measurement, recognition, or presentation of any items in the financial statements[15] - Non-current assets decreased slightly to $2,341.325 million in 2023 from $2,359.692 million in 2022, a reduction of approximately 0.8%[13] - Non-current assets in Cambodia decreased slightly to $2.05 billion in 2023 from $2.08 billion in 2022[32] - Intangible assets, including casino license premiums, stood at $123.0 million with accumulated amortization of $63.2 million[34]

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香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 NAGACORP LTD. 金界控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3918） 截至二零二三年六月三十日止六個月 中期業績公告 | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 該期間未經審核簡明綜合中期業績摘要： | | ‧ 博 彩 總 收 入（「 博彩總收入 」）較 去 年 同 期 233,800,000 美元增長 252,300,000 美元 | | ‧ 該期間的純利較去年同期 52,700,000 美元增長 57.4% 至 83,000,000 美元 | | ‧ 該期間的每股股份基本盈利為 ...

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