Group 1 - Citigroup has lowered the profit forecast for Kamboj Holdings (03918) for 2025 to 2027 by 3% to 8% and reduced the target price from HKD 7 to HKD 6.5 while maintaining a "Buy" rating [1] - The bank expects Kamboj Holdings to benefit from the newly opened Dechong International Airport and a four-month visa-free entry trial for Chinese tourists in Cambodia from June to October this year, which may enhance the traffic to Naga World [1] - Due to recent weak visitor numbers in Cambodia, Citigroup has adjusted the gaming volume forecast for the second half of 2025 down by approximately 4% to USD 6.5 billion and the EBITDA forecast down by about 11% to USD 206 million [1] Group 2 - The negative sentiment surrounding the Prince Group, following the extradition of Chairman Chen Zhi to China in early January, is believed to have largely dissipated, although concerns regarding tensions at the Thailand-Cambodia border may persist into the first quarter [1]

Core Viewpoint - Citigroup has downgraded the earnings forecast for Kamboat Holdings (03918) for 2025 to 2027 by 3% to 8%, and reduced the target price from HKD 7 to HKD 6.5 while maintaining a "Buy" rating [1] Group 1: Earnings Forecast and Target Price - The earnings forecast for Kamboat Holdings has been adjusted downwards by 3% to 8% for the years 2025 to 2027 [1] - The target price for Kamboat Holdings has been lowered from HKD 7 to HKD 6.5 [1] Group 2: Future Outlook - Citigroup expects Kamboat Holdings to benefit from the newly opened Dechong International Airport and a four-month visa-free entry trial for Chinese tourists in Cambodia from June to October this year, which may increase foot traffic to Naga World [1] - The casino volume forecast for the second half of 2025 has been reduced by approximately 4% to USD 6.5 billion, and the EBITDA forecast for the same period has been lowered by about 11% to USD 206 million [1] Group 3: Market Sentiment and Risks - The negative sentiment surrounding the Prince Group has largely passed following the extradition of its chairman, Chen Zhi, to China in early January [1] - Concerns regarding tensions at the Thailand-Cambodia border may persist into the first quarter [1]