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Union Gaming confirms Nagacorp “buy” rating, cuts target price

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Nagacorp has been confirmed as a “buy” by Union Gaming following the release of its Q4 results, though its target share price has been trimmed to $12.50 from $13.50 due to the new shutdown of NagaWorld.

Analyst John DeCree says the closure is unlikely to be as long as last year, but may delay the recovery process.

Longer term, “Naga is uniquely positioned for a continued strong recovery with a deep local market and a large barrier to entry with its exclusivity in Phnom Pehn, coupled with a robust long-term growth profile supported by continued organic economic growth in Cambodia and the planned Naga 3 development.”

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