Group 1 - The core viewpoint of the article highlights the overall increase in Hong Kong's gaming stocks, with specific companies like MGM China, Sands China, and Galaxy Entertainment showing notable gains [1] - Citigroup's research report indicates that the high-end gaming turnover in Macau rose by 5% year-on-year to 1.34 billion HKD in August, while the number of high-end players decreased by 5% to 624, suggesting a 10% increase in per capita betting amount to 21,543 HKD, marking four consecutive months of double-digit growth [1] - Galaxy Entertainment leads the market with approximately 34% share of high-end gaming turnover, followed by Sands China at about 23%, reflecting the appeal of the Capella Hotel and Eason Chan's concert to high rollers [1] Group 2 - The article notes that MGM China, Sands China, and Galaxy Entertainment have implemented various strategies and new betting options to attract customers [1] - The stock performance of several gaming companies is detailed, with MGM China up by 2.07%, Sands China by 1.96%, and Galaxy Entertainment by 1.16% [1] - The overall trend indicates a positive outlook for the gaming sector in Hong Kong, driven by increased spending from high-end gamblers despite a decline in their numbers [1]

Core Viewpoint - The company is expected to report strong growth in EBITDA and total gaming revenue for 1H25, driven by an increase in visitor numbers and foreign direct investment [1][2]. Group 1: Financial Performance - The company anticipates a 240% year-on-year increase in EBITDA for 1H25, reaching $188 million, with a 28% quarter-on-quarter growth [1]. - Total gaming revenue is projected to grow by 20% year-on-year and 31% quarter-on-quarter in 1H25 [1]. - EBITDA forecasts for 2025 and 2026 have been raised by 16% to $382 million and $455 million, respectively [2]. Group 2: Visitor Trends and Investment - The number of Chinese visitors to Cambodia increased by 51% year-on-year and 28% quarter-on-quarter in 1H25, with business travelers up by 46% year-on-year and 31% quarter-on-quarter [1]. - Cambodia attracted $6.9 billion in foreign direct investment in 2024, a 40% increase from the previous year, with over 50% of this investment coming from China [1]. Group 3: Operational Developments - The number of direct flights from China to Cambodia has increased to 170 per week, a 55% rise compared to the previous year [2]. - The company is expected to resume cash dividend payments in 1H25 after achieving a net cash position post-debt repayment [2]. Group 4: Valuation and Market Position - The company is currently trading at 6 times the 2025 EV/EBITDA, with a target price raised by 32% to HKD 5.80, indicating a 33% upside potential from the current stock price [2].

Group 1 - The core viewpoint of the article highlights the significant increase in Macau's gaming revenue, with July's gross gaming revenue (GGR) reaching 22.125 billion MOP, representing a year-on-year growth of 19% [1] - The average daily GGR for July was approximately 714 million MOP, recovering to 90% of the levels seen in the same period of 2019, exceeding both Citigroup's and market expectations of 21 billion MOP by 5% [1] - This marks the fourth consecutive month that Macau's gaming revenue has surpassed expectations, with the industry showing strong resilience as revenue has achieved nearly 20% year-on-year growth for two consecutive months [1] Group 2 - Looking ahead to August, Citigroup has raised its forecast for Macau's gaming revenue from 20 billion MOP to 21.5 billion MOP, reflecting a year-on-year growth of 9% and an average daily revenue of 694 million MOP [1] - This adjustment takes into account the potential lower per capita spending by tourists during the traditional peak travel season, as well as the high base from the same period last year [1] - The article also notes the positive impact of concerts, such as Eason Chan's performance at the Galaxy Arena, which is expected to contribute to the gaming revenue similar to the effect of Jacky Cheung's concert in June and July [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: NagaCorp Ltd. 金界控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03918 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | USD | | 0.0125 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 8,000,000,000 | USD | | 0.0125 | USD | | 10 ...

Summary of Key Points Core Viewpoint - As of July 14, a total of 138 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders including Green Heart Group Holdings, OK Blockchain, and Pearl River Steel Pipe [1]. Group 1: Top Performers - Green Heart Group Holdings (02999) achieved a closing price of 0.013 with a peak of 0.017, marking a 70.00% increase [1]. - OK Blockchain (01499) closed at 0.680, reaching a high of 0.690, reflecting a 48.39% rise [1]. - Pearl River Steel Pipe (01938) had a closing price of 0.335 and a peak of 0.340, resulting in a 33.33% increase [1]. Group 2: Other Notable Stocks - Weishi Jiajie (00856) saw a 32.01% increase, closing at 8.870 with a high of 11.300 [1]. - Cloud Intelligence (09678) reached a high of 520.000, closing at 510.000, which is a 20.99% increase [1]. - China Chengtong Development Group (00217) closed at 0.165 with a peak of 0.166, marking a 14.48% rise [1]. Group 3: Additional Stocks with Significant Increases - Sihuan Pharmaceutical (00460) closed at 1.380, reaching a high of 1.430, which is a 14.40% increase [1]. - Taited Pharmaceutical (03880) had a closing price of 36.950 and a peak of 37.400, reflecting a 13.85% rise [1]. - Beihai Kangcheng-B (01228) closed at 0.850 with a high of 0.960, resulting in a 12.94% increase [1].

Market Overview - The Hong Kong stock market saw significant gains, with the Hang Seng Index rising 1.09% and the Hang Seng Technology Index leading with a 1.84% increase, surpassing the 24,000-point mark [1] - Major technology stocks experienced collective gains, with Kuaishou up 5.16%, Baidu up 3.55%, and Meituan, Xiaomi, and JD.com all rising over 2% [5][6] Sector Performance - The securities and brokerage sector saw substantial increases, particularly Victory Securities and Guotai Junan, which surged over 33% and 28.5% respectively [3][9] - The gambling sector continued its upward trend, with Jinyi Holdings rising over 14% and Wynn Macau increasing by over 6% [7] - The solar energy sector remained active, with Shunfeng Clean Energy soaring over 30% and several other companies in the sector also posting significant gains [8] - The semiconductor sector also saw positive movement, with SMIC rising over 3% [12] Specific Stock Movements - In the technology sector, notable performers included Kuaishou (up 5.16%), Baidu (up 3.55%), and JD Health (up 3.94%) [5][6][11] - In the gambling sector, Jinyi Holdings rose 14.25%, while Wynn Macau increased by 6.40% [7][16] - The solar energy sector saw Shunfeng Clean Energy increase by 30.43%, with other companies like Sunshine Energy and New Special Energy also showing strong performance [8] - The securities sector had strong gains, with Zhongzhou Securities and Huatai Securities both rising over 4% [9][10] Market Sentiment and Future Outlook - The market sentiment appears positive, driven by strong performances in technology, securities, and renewable energy sectors, although concerns remain regarding liquidity and geopolitical uncertainties [21][22] - Long-term prospects for the Hong Kong market remain strong, particularly in sectors like internet, new consumption, and innovative pharmaceuticals, which are considered relatively scarce [22]

Market Overview - The Hong Kong stock market experienced a collective rise during the holiday, with the Hang Seng Index increasing by 1.74%, the Hang Seng China Enterprises Index rising by 1.92%, and the Hang Seng Tech Index climbing by 3.08% [1][2]. Technology Sector - Tech stocks saw significant gains, with Xiaomi Group rising over 6%, Alibaba and JD.com increasing by over 3%, and Tencent up by over 2% [2]. - Notable individual performances included Tencent Holdings at 487.80 HKD (+2.22%), Alibaba at 122.00 HKD (+3.83%), and Xiaomi at 53.10 HKD (+6.31%) [3]. Robotics and AI - Robotics stocks surged, with Horizon Robotics increasing by over 14%, and other companies like Shengye and Jinli Permanent Magnet rising by over 11% and 5%, respectively [4][5]. Healthcare and Biotech - The healthcare outsourcing sector was active, with Kanglong Chemical and WuXi AppTec both rising over 7%, and WuXi Biologics increasing by over 5% [6]. New Energy Vehicles - New energy vehicle companies saw substantial increases, with Leap Motor rising over 7%, Xiaopeng Motors and Xiaomi both up over 6%, and Li Auto and BYD increasing by over 3% [7]. Consumer Goods - Beer stocks performed well, with Hong Kong San Miguel rising over 4%, and Qingdao Beer and Budweiser APAC both increasing by over 2% [8]. - Home appliance stocks also strengthened, with Quan Feng Holdings rising over 7%, and Hisense and Techtronic Industries increasing by over 4% [9]. Gambling Sector - The gambling sector saw broad gains, with Galaxy Entertainment and MGM China both rising over 2% [10]. Restaurant Sector - The restaurant sector faced declines, with Yum China dropping over 7% and other companies like Chaogao and Cafe de Coral decreasing by over 1% [11]. Local Consumption - Local consumption stocks weakened, with Chao Yue Holdings falling over 6% and Chow Tai Fook down over 1% [13]. Stock Performance - Hong Kong Exchanges saw a peak increase of 3.46% during trading, reaching 352.6 HKD, marking a new high since early April [13]. - Standard Chartered Group's stock initially rose over 4% post-earnings but closed up only 0.71% at 113.6 HKD, with a total market value of 269.225 billion HKD [15]. Future Outlook - Huatai Securities noted that the market has largely priced in the impact of tariffs on earnings expectations, with a 1.5% downward adjustment in profit expectations for core offshore Chinese stocks [17].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a net profit of $109.6 million, a decrease of 38.3% from the previous year's profit of $177.7 million, primarily due to a non-cash impairment loss of $89.1 million from the Vladivostok project [22]. - Total revenue for the year was $562.5 million, with gross profit reported at $456.7 million [18]. - The overall gross profit for the year was $456.70 million, with a gross profit margin of 81%, up from 79% in the previous year [62]. - EBITDA for the current year was $202.8 million, down from $295.3 million the previous year [74]. - Net profit attributable to shareholders decreased to $109.6 million, with a net profit margin of 19.5%, down from 33.3% the previous year [65]. - Administrative and other operating expenses increased by $38.2 million or 28.5% year-on-year, totaling $172.5 million for the current year [63]. Market and Economic Context - The company is focused on strengthening its growth strategy amid ongoing global economic fluctuations [22]. - Cambodia attracted $6.9 billion in foreign direct investment in 2024, a 40% increase from the previous year, with China contributing nearly 50% of the total [28]. - The GDP growth rate for Cambodia is forecasted at 5.5% in 2024 and 5.8% in 2025, positioning it as one of the best-performing economies in East Asia [32]. - The Cambodian tourism sector is projected to grow by 5.5% in 2024 and 5.8% in 2025, supported by strong recovery in tourism and trade [39]. - The Cambodian government aims to attract up to 7,500,000 international visitors by 2025, with the new Phnom Penh International Airport expected to handle up to 13,000,000 passengers annually during its first phase of operation [87]. Operational Highlights - The company's flagship NagaWorld is the only integrated hotel and entertainment complex in Phnom Penh, enhancing its market presence [9]. - The average daily turnover in the high-end VIP market has recovered to 82.5% of pre-pandemic levels in FY2019, driven by an increase in foreign visitors and business trips to Cambodia [24]. - Non-gaming revenue increased by 6.5% year-on-year, attributed to a rise in tourist numbers and international events, leading to higher hotel occupancy rates [24]. - The company plans to continue focusing on the development of the high-end VIP market to drive growth and maintain recovery momentum [24]. - The average daily revenue of the gaming floor increased by 8.2% year-on-year to $10.7 million, recovering to 89.1% of pre-pandemic levels from FY2019 [40]. Corporate Social Responsibility - The company has implemented over 730 corporate social responsibility initiatives aimed at improving education and community engagement in Cambodia [30]. - NagaWorld Kind Hearts has distributed stationery kits benefiting over 175,000 impoverished students across 13 provinces since 2014 [51]. - The company has been recognized for its corporate social responsibility efforts, receiving multiple awards including the AREA Social Empowerment Award and the Platinum Award at the Global CSR Summit [55]. - More than 572,000 community members benefited from donations and material contributions totaling $2.4 million [114]. - The company is committed to promoting responsible gambling and reducing the risks associated with problem gambling [155]. Sustainability and Environmental Initiatives - The company has voluntarily adopted new climate regulations ahead of their effective date in January 2025, enhancing disclosures related to sustainability and climate issues [80]. - The company has implemented multiple measures in 2024 to accelerate its environmental commitments, including a climate action plan and external verification of its greenhouse gas inventory [82]. - The company has achieved ISO 14064 external certification for greenhouse gas emissions [114]. - The company has saved at least $668,000 through energy-saving measures since 2016 [149]. - The company is committed to annual external verification of its greenhouse gas emissions under ISO 14064 standards [175]. Employee Engagement and Development - The company employed 6,062 staff, with total employee costs rising to $102.6 million from $88.4 million the previous year [75]. - In 2024, the company achieved a nearly equal gender ratio among its workforce, with 50.2% female and 49.8% male employees, and completed over 205,000 training hours, averaging 34 hours per employee [84]. - The company has been recognized with two excellence awards in 2024 for its commitment to personnel development and workplace digitalization [84]. - The company hosted the sixth union representative election, promoting employee engagement [114]. - 94% of employees completed the annual anti-corruption online training and assessment [156]. Governance and Risk Management - The company is committed to maintaining effective governance and risk management practices to ensure compliance and protect stakeholder interests [139]. - The board held two meetings in 2024 to discuss progress on the company's 2030 environmental goals and regulatory developments in sustainability reporting [129]. - The sustainability oversight committee, chaired by the CEO, reviews environmental reports monthly, tracking progress on 2030 and interim environmental goals [130]. - The company has updated its materiality assessment, elevating the financial importance of cybersecurity and data privacy due to increased global awareness of these risks [141]. - The company focuses on transparent financial and ESG reporting to boost investor confidence and facilitate capital acquisition [139].

Core Viewpoint - CICC has downgraded the EBITDA forecast for KJC Holdings (03918) for 2025 by 25% to $329 million, while introducing a 2026 EBITDA forecast of $393 million, reflecting a longer recovery period for the gaming business [1] Group 1: Financial Performance - KJC Holdings reported total gaming revenue of $171 million for Q1 2025, representing an 18% year-on-year increase and recovering to 53% of Q1 2019 levels [2] - The mass gaming revenue led the recovery with a 24% year-on-year increase, reaching 120% of Q1 2019 levels, while VIP gaming revenue increased by 17% but only recovered to 29% of Q1 2019 levels [2] - The net gaming revenue for Q1 2025 has recovered to 92% of Q1 2019 levels, amounting to $148 million, attributed to the increasing share of high-margin mass gaming revenue [2] Group 2: Market Trends - The number of travelers to Cambodia is expected to increase, with total arrivals in February 2025 reaching 109% of the same period in 2019, and Chinese travelers at 49% [3] - The increase in direct flights to Cambodia and the upcoming opening of the new airport in Phnom Penh in July 2025 are anticipated to further boost traveler numbers, positively impacting the mass gaming business [3] Group 3: Dividend Outlook - The management plans to resume dividend payments in 2025, although the amount may be influenced by capital expenditures related to the Naga 3 construction project and NagaWorld renovations [4] - The projected capital expenditure for 2025 is approximately $70 million, primarily for renovations and upgrades to gaming systems at NagaWorld [4] - The estimated free cash flow for 2024 is around $96 million, leading to an expected dividend payout ratio of 60% in 2025 [4]

Financial Performance - Total gaming revenue for the fiscal year 2024 increased by 5.5% to $542.9 million from $514.8 million in fiscal year 2023[3] - Mass gaming revenue rose by 17.2% to $395 million, up from $337 million in the previous year[3] - The overall gross margin for the mass and premium VIP segments improved to 86% from 84% in the previous fiscal year[3] - Net profit decreased by 38.3% to $109.6 million, primarily due to a non-cash impairment loss of $89.1 million related to the Vladivostok project[3] - Basic earnings per share dropped to 2.48 cents from 4.02 cents in the previous year[3] - EBITDA for the fiscal year 2024 was $202.8 million, down from $295.3 million in fiscal year 2023[3] - Total revenue from casino operations increased to $562.5 million in 2024, up from $533.2 million in 2023, representing a growth of approximately 5.5%[16] - The company reported a pre-tax profit of $109.6 million for 2024, a decrease from $177.7 million in 2023, reflecting a decline of about 38.4%[23] - Casino tax expenses for 2024 amounted to $34.2 million, compared to $31.3 million in 2023, indicating an increase of approximately 9.1%[19] - The company's total assets decreased to $2.3 billion in 2024 from $2.34 billion in 2023, a reduction of about 1.0%[13] - Cash and cash equivalents significantly dropped to $120.4 million in 2024 from $348.4 million in 2023, a decline of approximately 65.4%[13] - The company did not recommend any dividends for the current year, consistent with the previous year[22] - The interest expenses related to preferred notes decreased to $20.5 million in 2024 from $39.7 million in 2023, a reduction of about 48.3%[16] - The company’s net asset value increased to $2.16 billion in 2024 from $2.02 billion in 2023, reflecting a growth of approximately 6.5%[13] - The company’s employee costs rose to $102.0 million in 2024, compared to $87.9 million in 2023, an increase of about 16.1%[17] - The company’s total liabilities decreased significantly, with current liabilities net worth improving to $(35.1) million in 2024 from $(243.7) million in 2023[13] - Total reported segment revenue for the year ending December 31, 2024, is $567,072,000, an increase from $538,339,000 in 2023, representing a growth of approximately 5.6%[30] - The segment profit for the year ending December 31, 2024, is $215,576,000, down from $319,157,000 in 2023, indicating a decline of about 32.5%[28] - Total assets reported as of December 31, 2024, are $2,922,161,000, a decrease from $3,148,339,000 in 2023, reflecting a reduction of approximately 7.2%[28] - Total liabilities as of December 31, 2024, amount to $(680,500,000), slightly up from $(666,021,000) in 2023, showing an increase of about 2.3%[28] - Capital expenditures for the year ending December 31, 2024, are $101,845,000, significantly higher than $39,929,000 in 2023, indicating an increase of approximately 154.5%[28] - Impairment losses on property, plant, and equipment for the year ending December 31, 2024, total $48,852,000, compared to none in 2023[29] - The company has recognized a total of $89,110,000 in impairment losses related to the Vladivostok project in 2024, with no such losses reported in 2023[32] - The company’s non-current assets in Cambodia and Russia as of December 31, 2024, are valued at $2,123,279,000 and $192,576,000 respectively, compared to $2,054,167,000 and $281,582,000 in 2023[30] - The company has no individual customer contributing 10% or more to its revenue in the current or past years[30] Market Trends and Economic Environment - Daily average revenue from the gaming floor grew by 8.2% year-on-year to $10,700,000, recovering to 89.1% of pre-pandemic levels[44] - The number of international visitors arriving in Cambodia via Phnom Penh International Airport recovered to 84.6% of 2019 levels in 2024[44] - The high-end VIP market's daily turnover recovered to 82.5% of pre-pandemic levels, driven by the return of business travelers[44] - The overall financial performance is attributed to stable recovery and growth trends in the business, supported by the resurgence of the Cambodian tourism industry[43] - Total revenue and gross profit contributions from the mass and high-end VIP segments accounted for approximately 88.5% and 94.1%, respectively[44] - Cambodia welcomed approximately 6,700,000 international tourists in 2024, surpassing pre-pandemic levels with a recovery rate of 101.4%, ranking second among major Asian countries in tourist recovery[48] - The Cambodian government approved a budget of $50,000,000 to attract more international tourists over the next two years, focusing on promoting Cambodia as a leading tourism destination[46] - The number of international flights to Cambodia increased by 21.1% to 585 weekly flights as of March 17, 2025, with significant increases from major cities in Greater China and Southeast Asia[49] - Foreign direct investment (FDI) projects in Cambodia reached a total of $6,900,000,000 in 2024, representing a year-on-year growth of 40.2%[50] - China remained the largest source of foreign investment in Cambodia in 2024, with an investment amount of $3,400,000,000, accounting for 49.8% of total foreign investment[50] - The ASEAN region recorded approximately 123,000,000 international tourists in 2024, reflecting a year-on-year growth of 30.6%[48] - The Cambodian Ministry of Tourism partnered with Visa Worldwide to support the development of the tourism industry and enhance its appeal to international visitors[47] - The Cambodian government is focused on promoting all tourist attractions and has implemented measures to reduce e-visa fees to attract more tourists and investors[47] - Moody's upgraded Cambodia's outlook to stable, citing improvements in trade balance, tourism recovery, and foreign direct investment inflows[50] - Cambodia's export market is projected to reach $54.7 billion in 2024, reflecting a year-on-year growth of 16.9%[52] Corporate Social Responsibility and Sustainability - Since 2014, the NagaWorld Kind Hearts initiative has conducted over 730 events, contributing more than 43,000 hours of volunteer service[55] - NagaWorld has donated 55 computers benefiting 3,749 children from 10 NGOs and schools in the current year[56] - NagaWorld planted nearly 3,500 saplings in four provinces this year, with over 400 participants involved[58] - The company received multiple awards for its corporate social responsibility efforts, including the Platinum Award for "Best in Cambodia" at the 16th Global CSR Summit[58] - NagaWorld was recognized as a "Best Honorary Company" in the small-cap category by Institutional Investor magazine in June 2024[59] - The company has voluntarily adopted new climate regulations ahead of their mandatory implementation in January 2025, enhancing its sustainability reporting[84] - The company received the "Environmental Leader" title at the EuroCham Cambodia ESG Contest and Awards 2024 for its environmental efforts[86] - Gender diversity among employees was nearly equal, with women making up 50.2% and men 49.8% of the workforce[87] - The company held two board meetings in 2024 to discuss sustainability-related matters, including progress towards 2030 environmental goals[88] Strategic Initiatives and Future Outlook - The company has entered into an investment agreement to invest at least 11,600,000,000 Russian Rubles (approximately $350,000,000) in the Vladivostok project[34] - The company has no plans to declare a final dividend for the current year, maintaining a focus on reinvestment[95] - The company fully repaid $472,200,000 of outstanding principal on its 2024 senior notes, reflecting strong financial management[96] - The company will publish its annual report on its website and send it to shareholders via mail or electronically[100] - The exchange rate used for conversion is 1.0 USD to 7.75 HKD as of December 31, 2023[100] - The exchange rate for RUB is 1.0 USD to 101.68 RUB as of December 31, 2023[100] - There were no significant investments or acquisitions during the year, and no major updates on the Naga 3 and Vladivostok projects[81] - Despite external challenges from geopolitical tensions and global economic slowdown, Cambodia's economy shows resilience supported by growth in tourism and manufacturing[89] - Cambodia's Royal Government aims to attract 7,500,000 international arrivals by 2025, leveraging the new Phnom Penh International Airport with a capacity of 13,000,000 passengers annually[90] - The bilateral trade goal between Cambodia and Thailand is set at $15,000,000,000 by 2025, supported by the Plus-One strategy to enhance private investment[91] - The National Data Centre of Cambodia is expected to be fully operational by 2025, aimed at improving administrative services and supporting digital innovation[93] - NagaWorld, as the only integrated resort in Phnom Penh, is positioned to thrive by attracting tourists seeking competitive pricing and luxury experiences[94] - The Cambodian government is actively pursuing direct flight routes to enhance tourism, including partnerships with countries like the Philippines, Japan, and Australia[90] - Cambodia is optimistic about increasing Chinese tourist arrivals through the "Ready to Welcome Chinese Visitors" strategy and ASEAN tourism initiatives[92] - The new airport project is part of a long-term strategy to position Cambodia as a world-class tourist destination, enhancing infrastructure and introducing new routes[90] - The government is exploring a multi-country visa proposal to facilitate seamless travel among Cambodia, Brunei, Laos, Malaysia, Vietnam, and Thailand[91]