Core Viewpoint - Kwan Kee Holdings (03918) reported strong mid-year results, with total gaming revenue of approximately $332 million, a year-on-year increase of 17.2%, and net profit of about $149 million, up 68.8% [1] Group 1: Financial Performance - Total gaming revenue (GGR) for the first half of the year was approximately $332 million, reflecting a year-on-year growth of 17.2% [1] - Net profit reached around $149 million, marking a significant increase of 68.8% compared to the previous year [1] - EBITDA margin expanded by 9.2 percentage points year-on-year, indicating improved profitability [1] Group 2: Market Analysis - UBS noted that the growth in gaming revenue is driven by an increase in business travelers to Phnom Penh, Cambodia, and rising local demand [1] - The firm plans to raise its total gaming revenue forecasts for 2025-2026 by 21% to 29% due to better-than-expected mid-year performance [1] - Citigroup highlighted that while the mid-year cash dividend was unexpected, the payout ratio of 30% is below their annual expectation of 60% [1] Group 3: Future Outlook - Citigroup pointed out that despite signs of improvement in fundamentals, there is ongoing uncertainty regarding the Naga3 project, with the potential for delays in the targeted opening date of September 2029 [1] - Overall gaming revenue is expected to grow by 32% this year and 10% next year [1]
港股异动 | 金界控股(03918)早盘涨超7% 上半年业绩超出市场预期 花旗称Naga3项目不确定性仍存