Core Viewpoint - The stock of Kwan Cheuk Holdings (03918) has dropped over 4% following a previous increase of over 9%, with concerns regarding the uncertainty surrounding the scale of the Naga 3 project [1] Financial Performance - Kwan Cheuk Holdings reported total gaming revenue of $532 million for the nine months ending September 30, 2025, representing a year-on-year increase of 29.6% [1] - The net gaming revenue for the same period was $466 million, reflecting a year-on-year increase of 30% [1] - In the third quarter, total gaming revenue reached $200 million, exceeding Citigroup's forecast of $152.4 million [1] Analyst Insights - Citigroup has raised its earnings forecast for Kwan Cheuk Holdings for the fiscal years 2025 to 2027 by 20% to 24% based on the company's revenue data [1] - The target price for the stock has been adjusted from HKD 4.4 to HKD 5.4, although Citigroup maintains a "sell" rating [1] - Despite strong growth in gaming revenue over the past three quarters, there are still uncertainties regarding the scale of the Naga 3 project [1]