Investment Rating - The report assigns an "Outperform" rating to the company with a target price of HKD 6.8 [1] Core Insights - The company is expected to benefit from increasing foreign direct investment and a weakening US dollar, supported by its regulatory moat [1] - The projected compound annual growth rate (CAGR) for earnings from 2025 to 2027 is estimated at 12%, with approximately 30% of profits allocated for dividends [1] - The total capital expenditure for the NagaWorld Phase 3 project may be reduced by half from the original plan of USD 3.5 billion, with an expected payback period of about 4 to 5 years [1] - The company holds a monopoly on gaming operations within a 200-kilometer radius of Phnom Penh, Cambodia, until 2045, with a national gaming license expiring in 2065 [1] - The main visitors to NagaWorld are from Malaysia, Singapore, and China, and the growth in foreign direct investment and the depreciation of the US dollar are anticipated to drive earnings growth [1] - Cambodia has one of the lowest gaming tax rates globally, which supports the company's profitability, and the likelihood of a tax rate increase is considered low [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Kwan Hung Holdings (03918) is expected to benefit from increasing foreign direct investment and a weakening US dollar, supported by regulatory advantages and improved operational efficiency [1] Group 1: Financial Projections - Credit Lyonnais forecasts a compound annual growth rate (CAGR) of 12% for the company's earnings from 2025 to 2027, with approximately 30% of profits allocated for dividends [1] - The total capital expenditure for the NagaWorld Phase 3 project may be reduced by half from the original plan of $3.5 billion, with an expected investment payback period of about 4 to 5 years [1] Group 2: Market Position and Regulatory Environment - Kwan Hung Holdings holds a monopoly on gaming operations within a 200-kilometer radius of Phnom Penh, Cambodia, until 2045, with a national gaming license expiring in 2065 [1] - The company primarily attracts customers from Malaysia, Singapore, and China, and the low gaming tax rate in Cambodia supports its profitability, with little likelihood of tax rate increases [1]

Core Viewpoint - The report from Citi indicates that Kamboat Holdings (03918) is expected to benefit from increasing foreign direct investment and a weakening US dollar, supported by regulatory advantages and improved operational efficiency [1] Group 1: Financial Projections - Citi forecasts a compound annual growth rate (CAGR) of 12% for Kamboat Holdings' earnings from 2025 to 2027, with approximately 30% of profits allocated for dividends [1] - The total capital expenditure for the NagaWorld Phase 3 project may be reduced by half from the original plan of $3.5 billion, with an expected investment payback period of about 4 to 5 years [1] Group 2: Market Position and Regulatory Environment - Kamboat Holdings holds a monopoly on gaming operations within a 200-kilometer radius of Phnom Penh, Cambodia, until 2045, with a national gaming license expiring in 2065 [1] - The company primarily attracts customers from Malaysia, Singapore, and China, and the low gaming tax rate in Cambodia supports its profitability, with little likelihood of tax increases [1]

Core Viewpoint - The report from Credit Lyonnais initiates coverage on Kwan Hung Holdings with an "Outperform" rating and a target price of HKD 6.8, highlighting the company's potential to benefit from increasing foreign direct investment and a weakening US dollar due to its regulatory moat [1] Group 1: Financial Performance - The company is expected to achieve a compound annual growth rate (CAGR) of 12% in earnings from 2025 to 2027, supported by improved operational efficiency and reduced financial costs [1] - Approximately 30% of the company's profits are projected to be allocated for dividends [1] Group 2: Project Developments - The total capital expenditure for the NagaWorld Phase 3 project is anticipated to be reduced by half from the original plan of USD 3.5 billion [1] - The investment payback period for the NagaWorld Phase 3 project is estimated to be around 4 to 5 years [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: NagaCorp Ltd. 金界控股有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03918 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | USD | | 0.0125 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 8,000,000,000 | USD | | 0.0125 | USD | | 10 ...

每经AI快讯，金界控股(03918.HK)一度跌超4%，截至发稿跌3.48%，报4.44港元，成交额2350.05万港 元。 ...

智通财经APP获悉，金界控股(03918)现跌超4%，截至发稿，跌3.48%，报4.44港元，成交额2350.05万港 元。 花旗发布与研报称，考虑到近期柬埔寨访客量疲弱，将金界控股2025下半年的博彩量预测下调约4%至 65亿美元，并将同期EBITDA预测下调约11%至2.06亿美元。该行认为，泰柬边境紧张局势的忧虑或于 第一季持续。 消息面上，据央视报道，当地时间1月30日晚，泰国军方称柬埔寨有破坏停火行为。泰柬双方指挥官已 协调解决该问题。由于该事件发生突然且毫无准备，泰国军方认为可能是由于柬埔寨士兵缺乏纪律所 致。 ...

消息面上，据央视报道，当地时间1月30日晚，泰国军方称柬埔寨有破坏停火行为。泰柬双方指挥官已 协调解决该问题。由于该事件发生突然且毫无准备，泰国军方认为可能是由于柬埔寨士兵缺乏纪律所 致。 花旗发布与研报称，考虑到近期柬埔寨访客量疲弱，将金界控股2025下半年的博彩量预测下调约4%至 65亿美元，并将同期EBITDA预测下调约11%至2.06亿美元。该行认为，泰柬边境紧张局势的忧虑或于 第一季持续。 金界控股(03918)现跌超4%，截至发稿，跌3.48%，报4.44港元，成交额2350.05万港元。 ...

花旗指，考虑到近期柬埔寨访客量疲弱，将金界控股2025下半年的博彩量预测下调约4%至65亿美元， 并将同期EBITDA预测下调约11%至2.06亿美元。该行相信，随着太子集团主席陈志于1月初被引渡至中 国，该集团的负面情绪已大致过去，但泰柬边境紧张局势的忧虑或于第一季持续。 花旗发布研报称，将金界控股(03918)2025至2027年盈利预测下调3%至8%，并将金界控股目标价由7港 元下调至6.5港元，维持"买入"评级。展望未来，该行仍预期金界控股将受惠于新启用的德崇国际机 场，以及柬埔寨于今年6月至10月对中国旅客实施的4个月免签证入境试点计划，或有望提升金界旗下 Naga World的客流量。 ...

花旗指，考虑到近期柬埔寨访客量疲弱，将金界控股2025下半年的博彩量预测下调约4%至65亿美元， 并将同期EBITDA预测下调约11%至2.06亿美元。该行相信，随着太子集团主席陈志于1月初被引渡至中 国，该集团的负面情绪已大致过去，但泰柬边境紧张局势的忧虑或于第一季持续。 智通财经APP获悉，花旗发布研报称，将金界控股(03918)2025至2027年盈利预测下调3%至8%，并将金 界控股目标价由7港元下调至6.5港元，维持"买入"评级。展望未来，该行仍预期金界控股将受惠于新启 用的德崇国际机场，以及柬埔寨于今年6月至10月对中国旅客实施的4个月免签证入境试点计划，或有望 提升金界旗下Naga World的客流量。 ...