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Operator of NagaWorld, the dominant integrated casino and hotel resort in Phnom Penh, Cambodia.
Operator of NagaWorld, the dominant integrated casino and hotel resort in Phnom Penh, Cambodia.
Earns from gaming tables, machines and VIP rooms at NagaWorld, with mass-market players from China and neighbouring countries the main source, plus hotel and entertainment revenue. Its exclusive licence covers the Phnom Penh area, and a large expansion of the complex adds hotel and gaming space. Founder Chen Lip Keong is the controlling shareholder.
In one line: Cambodia's version of a Macau casino operator, like a smaller Wynn/MGM.
Moat: narrow (regulatory licence, scale). Exclusive casino licence in Phnom Penh through 2045 gives a monopoly-like position in Cambodia's capital.
Headquarters: Phnom Penh, Cambodia · Founded: 1995 · Employees: 5,968
Size NagaCorp (3918.HK) is a Hong Kong Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $1.21B, the 549th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$2.15 on 6 Nov 2026.
Performance Over six months the shares fell 48.4%, against -8.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 11.7% over the last twelve months (peer median +5.9%); the operating margin is 57.9% (peer median 16.2%).
Valuation It trades at 4.7× forward earnings against a peer median of 18.8× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -19% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.0 points above its cost of capital (11.0% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$5.32B | HK$5.53B | HK$4.39B | HK$4.17B | HK$3.61B |
| Revenue growth | — | +26% | +5% | +16% | — |
| Gross profit | HK$3.43B | HK$2.91B | HK$2.05B | HK$1.85B | HK$1.37B |
| EBITDA | HK$3.85B | HK$3.10B | HK$2.21B | HK$2.26B | HK$1.85B |
| Net income | HK$2.38B | HK$2.42B | HK$855M | HK$1.39B | HK$840M |
| Free cash flow | HK$2.36B | HK$2.40B | HK$1.24B | HK$1.58B | HK$1.06B |
| Capital expenditure | HK$729M | HK$665M | HK$905M | HK$430M | HK$1.00B |
| Total debt | n/a | HK$1.43B | HK$947M | HK$4.10B | HK$4.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NagaCorp 3918.HK | $1.21B | -48% | +12% | 58% | 4.7× | -19.3% |
| Sands China 1928.HK | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% |
| Melco Resorts & Entertainment Ltd. Sponsored ADR MLCO | $1.79B | -16% | +6% | 12% | 7.5× | -6.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3918.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.0% | +0.4% | 2nd lowest of 21 |
| 6-month return | -48.4% | -8.7% | lowest of 21 |
| Distance from 52-week high | -61.8% | -26.1% | lowest of 21 |
| Revenue growth (TTM) | +11.7% | +5.9% | 6th highest of 21 |
| Operating margin | 57.9% | 16.2% | 2nd highest of 21 |
| Forward P/E | 4.7× | 18.8× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -19.3% | 5.3% | least demanding of 21 |
| Growth delivered (Del g) | -4.1% | +21.3% | lowest of 21 |
| Hurdle (Req g minus delivered) | -15.2 pp | -18.8 pp | 9th most demanding of 21 |
| ROIC minus cost of capital | +4.0 pp | +1.1 pp | 6th highest of 21 |
| EV / EBITDA | 1.8× | 12.9× | cheapest of 18 |
| Net debt / EBITDA | -0.6× | 2.9× | 3rd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NagaCorp 3918.HK | Hong Kong | $1.21B | -48% | +12% | 58% | 4.7× | -19.3% | -4.1% |
| Target Hospitality TH | United States | $1.13B | -26% | +12% | -9% | 22.9× | 49.9% | +7.3% |
| Hongkong & Shanghai Hotels 0045.HK | Hong Kong | $1.11B | -12% | -4% | 13% | n/a | 4.0% | +24.1% |
| Ventive Hospitality VENTIVE.NS | India | $1.34B | -17% | +15% | 29% | 26.2× | 29.9% | +78.5% |
| Fujita Kanko 9722.T | Japan | $1.08B | +37% | +3% | 16% | 12.9× | -4.6% | +25.2% |
| Great Eagle 0041.HK | Hong Kong | $1.37B | -24% | +75% | 12% | n/a | -0.9% | +13.8% |
| HtlShilla 008770.KS | South Korea | $985M | -46% | +1% | 3% | 15.1× | -7.6% | +5.0% |
| Lemon Tree Hotels LEMONTREE.NS | India | $984M | -4% | +10% | 38% | 31.1× | 17.4% | +41.3% |
| Pierre et Vacances VAC.PA | France | $974M | -1% | +5% | 15% | 15.6× | -0.6% | +9.8% |
| SkiStar SKIS-B.ST | Sweden | $1.58B | +27% | +7% | 17% | 21.3× | 8.4% | +12.5% |
| Huangshan Tourism Development 600054.SS | China | $926M | -13% | +2% | 20% | 23.0× | -9.4% | +23.2% |
| Guangzhou Lingnan 000524.SZ | China | $885M | -19% | +6% | 2% | 62.9× | 11.7% | +19.4% |
| PPHE Hotel PPH.L | United Kingdom | $864M | -2% | +5% | 19% | 21.0× | 7.7% | +35.6% |
| Melco Resorts & Entertainment Ltd. Sponsored ADR MLCO | United States | $1.79B | -16% | +6% | 12% | 7.5× | -6.2% | +24.5% |
| Centurion OU8.SI | Singapore | $810M | -18% | +26% | 61% | 11.3× | -3.8% | +18.2% |
| Kelsian KLS.AX | Australia | $797M | +5% | +9% | 6% | 11.2× | 9.2% | +15.4% |
| Shangri-La Asia 0069.HK | Hong Kong | $1.87B | -9% | +5% | 35% | 10.6× | -8.7% | +16.8% |
| Chalet Hotels CHALET.NS | India | $1.88B | +2% | -17% | 34% | 28.1× | 24.1% | +57.5% |
| Monarch Casino & Resort MCRI | United States | $1.92B | -8% | +5% | 27% | 15.6× | 6.7% | +24.2% |
| Kyoritsu Maintenance 9616.T | Japan | $2.00B | +47% | +20% | 9% | 16.7× | 2.3% | +17.8% |
| EIH EIHOTEL.NS | India | $2.07B | -7% | +8% | 29% | 23.2× | 28.9% | +42.9% |