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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Nagacorp Ltd.    3918   KYG6382M1096

NAGACORP LTD. (3918)
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NagaCorp : issues bonds on HK bourse

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05/17/2018 | 04:23pm CEST

Nagacorp, which operates the NagaWorld casino and hotel in Phnom Penh, has become the first Cambodian issuer of offshore bonds, raising $300 million to endorse further growth of its gaming business and to refurbish hotel rooms, according to the firms filing in the Hong Kong Stock Exchange on Tuesday.

The announcement revealed the Cambodian casino operator has entered into a purchase agreement with Credit Suisse (Hong Kong) Ltd and Morgan Stanley in connection with the firms issuing of notes in the aggregate amount of $300 million.

The notes, maturing on May 21, 2021, will allow interest at the rate of 9.375 percent per year. The estimated net proceeds from the issuance, after deduction of fees, commissions and expenses, will amount to approximately $290 million.

The Group intends to use the net proceeds from the Notes to promote the gaming business growth, particularly in our VIP gaming segment, and [to] refurbish the hotel rooms in Naga1, the filing read. It added the group may adjust the plans in response to changing market conditions and thus may reallocate the use of the proceeds.

NagaCorp, NagaWorlds parent company, is listed on the Hong Kong bourse. According to the firms annual financial report, in 2017 the firms gross gaming revenue was $926 million while net profit amounted to $255.2 million. NagaCorp reported paying $8.12 million in income tax last year.

The bonds are expected to be rated B1 by Moodys and B by S&P. Han Kyung Tae, managing director at Yuanta Securities (Cambodia), said on Wednesday that the bonds are expected to be rated one notch higher than the sovereign rating of Cambodia, where nearly all of NagaCorps businesses operate.

It appears that Cambodian entities could get a higher credit rating if their securities are issued in foreign currencies, US dollars for example, he said.

The Securities and Exchange Commission of Cambodia last August finalised regulations to establish a corporate bond, moving one step closer to introducing the capital market tool. However, no company has yet issued bonds inside the Kingdom.

(c) 2018 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2018 1 622 M
EBIT 2018 399 M
Net income 2018 368 M
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Yield 2018 4,66%
P/E ratio 2018 11,91
P/E ratio 2019 11,31
EV / Sales 2018 2,71x
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Capitalization 4 546 M
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Average target price 1,22 $
Spread / Average Target 17%
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Lip Keong Chen Chief Executive Officer & Executive Director
Timothy Patrick McNally Chairman
Sean Czoon Tan Chief Financial Officer
Abdul Kadir bin Fadzir Independent Non-Executive Director
Mun Kee Lim Independent Non-Executive Director
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