一旦修订后的发展计划最终确定，公司于恢复派息和政策方面将有更好的能见度。该行维持对其下半年每股派息4美仙的预测，相对于疫情前为4至8美仙。Goldman Sachs maintains a forecast of 4 cents per share dividend for Nagacorp (03918) in the second half of the year.
According to the intelligence financial APP, Goldman Sachs released a research report stating that the core EBITDA forecast for Nagacorp (03918) from 2024 to 2026 (excluding non-cash impairments) was reduced by 16%, with the target price lowered from HK$4.35 to HK$3.83, maintaining a 'neutral' rating, with a preference for Galaxy Ent (00027) and SJM Holdings (00880) in the industry.
The report states that Nagacorp's mid-term performance is affected by one-time impairments, recording a loss of 1 million US dollars, with EBITDA recording 56 million US dollars, a 61% year-on-year decrease. Excluding one-time non-cash impairments, the EBITDA is 0.145 billion US dollars, up 1% year-on-year, meaning 64.3 million US dollars for the second quarter, down 20% quarterly. In consideration of resuming dividends, Nagacorp believes that the future capital needs of Naga 3, a comprehensive resort in Cambodia, need to be considered. The company has so far invested approximately 0.78 billion US dollars in this project.
Once the revised development plan is finalized, the company will have better visibility on resuming dividends and policy aspects. The bank maintains its forecast of 4 cents per share dividend for the second half of the year, compared to 4 to 8 cents before the epidemic.
