Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>The company will pay 100% of its 2H20 profits to shareholders as a reward for staying put during pandemic. Rapid recovery in sight by 3Q21.</li>
<li>This is an expression of founder/majority holder Dr. Chen's vision of shareholders as true partners in the Nagacorp journey to a top global gaming brand.</li>
<li>Outlook for outbound China tourism slowly forming a positive pattern that will bolster both VIP and mass segments going forward.</li>
</ul>


The company will pay 100% of its 2H20 profits to shareholders as a reward for staying put during pandemic. Rapid recovery in sight by 3Q21.
This is an expression of founder/majority holder Dr. Chen's vision of shareholders as true partners in the Nagacorp journey to a top global gaming brand.
Outlook for outbound China tourism slowly forming a positive pattern that will bolster both VIP and mass segments going forward.


Nagacorp: 100% Payout to Shareholders of 2H Profit Signals Continuing Investor Friendly Policies

<ul>
<li>Bet now on casino shares as we enter the early endgame of the pandemic. We like Nagacorp, Inc. here despite recent dip.</li>
<li>A research associate shared some characteristics of the "colonization" of ideas about the sector. Going forward could we see the "GameStop" effect entering traditional trading patterns?</li>
<li>Fundamentals have been challenged. Could the Robinhood Markets, Inc. phenomenon spread to sectors like gaming because of its high visibility among the younger demo?</li>
</ul>


Bet now on casino shares as we enter the early endgame of the pandemic. We like Nagacorp, Inc. here despite recent dip.
A research associate shared some characteristics of the "colonization" of ideas about the sector. Going forward could we see the "GameStop" effect entering traditional trading patterns?
Fundamentals have been challenged. Could the Robinhood Markets, Inc. phenomenon spread to sectors like gaming because of its high visibility among the younger demo?


Asia Casinos: A Herd Mentality Continues to Suppress Valuations Because Ideas "Colonize" And Persist

<ul>
<li>Announcing its plan to build a non-casino US$350m tourist resort and theme park at Ankgor Wat moves the company into a larger, more diverse footprint in the out years.</li>
<li>An outstanding performer during pandemic, implies a swifter re-ramp of revenue and visitation post pandemic for its moat position exclusive in Phnom Penh.</li>
<li>Cambodia's just passed comprehensive new gaming laws will benefit existing operators.</li>
</ul>


Announcing its plan to build a non-casino US$350m tourist resort and theme park at Ankgor Wat moves the company into a larger, more diverse footprint in the out years.
An outstanding performer during pandemic, implies a swifter re-ramp of revenue and visitation post pandemic for its moat position exclusive in Phnom Penh.
Cambodia's just passed comprehensive new gaming laws will benefit existing operators.


Nagacorp: Our Highest Conviction Idea Outside of Macau as It Pivots to Non-Gaming Theme Park Resorts

<ul>
<li>Despite its strong recovery of GGR compared with Asian peers, Nagacorp shares have remained stuck in a narrow trading range.</li>
<li>Migrant VIP cross border play and premium mass is the spearhead of the recovery as of 30th of September. </li>
<li>China/Cambodia ties continue to play a role in the stability of VIP and premium mass revenues which are now at 92% of pre-pandemic levels.</li>
</ul>


Despite its strong recovery of GGR compared with Asian peers, Nagacorp shares have remained stuck in a narrow trading range.
Migrant VIP cross border play and premium mass is the spearhead of the recovery as of 30th of September. 
China/Cambodia ties continue to play a role in the stability of VIP and premium mass revenues which are now at 92% of pre-pandemic levels.


Nagacorp: Rising Rate of Pandemic Recovery Still Not Reflected in Price Breakout

Asia gaming and consumer discretionary analyst

Michael Ting

Thematic (Sector/Industry)

<p>Suncity is establishing a strong regional portfolio of gaming operations in Asia with the most significant near-term driver being the HOIANA integrated resort in Vietnam. We are positive on HOIANA on a longer term basis. However, given the current macro uncertainty involving COVID-19 along with only an expected gradual resumption of international travel, we do not expect HOIANA to significantly contribute to Suncity's profits until FY22.</p>

Suncity is establishing a strong regional portfolio of gaming operations in Asia with the most significant near-term driver being the HOIANA integrated resort in Vietnam. We are positive on HOIANA on a longer term basis. However, given the current macro uncertainty involving COVID-19 along with only an expected gradual resumption of international travel, we do not expect HOIANA to significantly contribute to Suncity's profits until FY22.

Suncity Group Holdings (1383 HK) - Strong Portfolio but Needs Time

Cambodia

NagaCorp Limited is a leisure and tourism company with casino operations in Phnom Penh, the capital city of Cambodia. The Company also offers hotel accommodation, manages food and beverage outlets, recreational facilities, entertainmentand retail operations.

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NagaCorp Ltd (3918 HK)

Nagacorp: 100% Payout to Shareholders of 2H Profit Signals Continuing Investor Friendly Policies

Nagacorp/s share price has been stuck in a narrow range even pre-pandemic. It has not reflected the true value of the stock. But its investor...

Howard J Klein

Asia Casinos: A Herd Mentality Continues to Suppress Valuations Because Ideas "Colonize" And Persist

"Colonized" assumptions about the Asian gaming sector post pandemic have hidden the values of quality companies like Nagacorp.

Howard J Klein

Nagacorp: Our Highest Conviction Idea Outside of Macau as It Pivots to Non-Gaming Theme Park Resorts

Nagacorp has performed relatively well during pandemic. We expect a swift recovery as vaccines begin to arrive and mass inoculations spread. Also...

Howard J Klein

Nagacorp: Rising Rate of Pandemic Recovery Still Not Reflected in Price Breakout

Despite

Howard J Klein

Suncity Group Holdings (1383 HK) - Strong Portfolio but Needs Time

Suncity has a strong regional portfolio of gaming operations in Asia whic

Michael Ting

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