Nagacorp operates the only casino in Cambodia through a monopoly license until 2045. It has several competitive advantages over casinos in Macau and other markets, including much lower operating costs due to lower wages and taxes in Cambodia. While the casino is currently closed due to COVID, the document argues that Nagacorp is undervalued given its long-term license, expected reopening in October, and potential for growth through a planned expansion. The analyst provides forecasts suggesting the share price could increase 60-80% by 2023 and over 400% by 2027 based on Nagacorp achieving pre-COVID revenue levels.
The pace of transaction activity intensified as the year progressed and 97 transactions were closed in Q4 alone,
making it IMAP’s strongest quarter ever.
This document brings together a set
of latest data points and publicly
available information relevant for
Financial Services. We are very
excited to share this content and
believe that readers will benefit from
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Narnolia Securities Limited expects Infosys growth in all segments as well as to be stable in the coming quarters. We recommended buy stock which is upgraded our target price from Rs 3395 to Rs 3622 marginally improved by 60bps
Narnolia Securities Limited expect, TCS will be star performer in growth sense than other peers. Hence,we are maintaining 17% (revised from 18%) revenue growth in dollar term for FY14E because of improved demand environment, while NASSCOM expects 12-14% for the Industry. At a price of Rs 2041, it is trading at 18x FY15E earnings, We maintain" BUY" view on the stock with a target price of Rs 2510. Also Hold Stock of HDFC Bank
- The subsidy arbitrage that many companies had relied upon to generate their generous margins is gone for good and the environment will continue to be challenging, and indefinitely so.
- The case for consolidation across several sectors is overwhelming but activity remains low. Managers are in denial and holding out for miracles.
- The closing window for regional economies to reduce their dependence on oil (highlighted in the Countdown to Midnight, November 14th, 2016) has been validated by the rapidly rising forecasts for the electrification of the global passenger vehicle fleet, which accounts for over a quarter of global oil demand.
- Reform is not a magic wand and hope is not a strategy. To transform the economy from its dependency on oil and subsidies requires pain, sacrifice and perhaps a decade of disruption to the status quo.
This document brings together a set
of latest data points and publicly
available information relevant for
Business Services Industry. We are
very excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
The pace of transaction activity intensified as the year progressed and 97 transactions were closed in Q4 alone,
making it IMAP’s strongest quarter ever.
This document brings together a set
of latest data points and publicly
available information relevant for
Financial Services. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
Narnolia Securities Limited expects Infosys growth in all segments as well as to be stable in the coming quarters. We recommended buy stock which is upgraded our target price from Rs 3395 to Rs 3622 marginally improved by 60bps
Narnolia Securities Limited expect, TCS will be star performer in growth sense than other peers. Hence,we are maintaining 17% (revised from 18%) revenue growth in dollar term for FY14E because of improved demand environment, while NASSCOM expects 12-14% for the Industry. At a price of Rs 2041, it is trading at 18x FY15E earnings, We maintain" BUY" view on the stock with a target price of Rs 2510. Also Hold Stock of HDFC Bank
- The subsidy arbitrage that many companies had relied upon to generate their generous margins is gone for good and the environment will continue to be challenging, and indefinitely so.
- The case for consolidation across several sectors is overwhelming but activity remains low. Managers are in denial and holding out for miracles.
- The closing window for regional economies to reduce their dependence on oil (highlighted in the Countdown to Midnight, November 14th, 2016) has been validated by the rapidly rising forecasts for the electrification of the global passenger vehicle fleet, which accounts for over a quarter of global oil demand.
- Reform is not a magic wand and hope is not a strategy. To transform the economy from its dependency on oil and subsidies requires pain, sacrifice and perhaps a decade of disruption to the status quo.
This document brings together a set
of latest data points and publicly
available information relevant for
Business Services Industry. We are
very excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
Northcourt H1 2019 Nigerian Real Estate Market Review reportAyo Ibaru
Security has grown as a critical selector tool in the residential market. Secure gated communities are priced higher than estates perceived to be less so. Investment thinking in property is shifting. Some expect the new administration to devalue the currency with the uncertainty around this delaying property purchasing decisions. Some investors are opting to buy assets out of the country.
Many are looking to sell local assets. On this backdrop is the migration of young and middle-aged professionals to Western economies, a fact not lost on the balance sheets of local agents. The residential real market is gradually picking up. Tenants pushed for better deals with Landlords making little or no reductions. Mini flats, 1 and 2 Bed flats remain favourites.
Vacancy rates in Port Harcourt have moved - but only slightly when compared with EoY 2018. Old GRA, GRA Phases 1, 2 and 3 recorded vacancy rates of 7%, 9%, 9% and 15% respectively. Abuja’s Apo and Gwarimpa are 14% and 2% vacant. Ikoyi and Victoria Island in Lagos state are respectively 41 and 23% vacant.
400,000m2 of Grade-A office space is expected in 2019. Coworking continues to grow as business owners are unable to meet up to the dollar rents obligations for Grade A office space. Nigeria’s commercial real estate market is going green. Most ongoing prime office developments - or those that have been delivered in recent years are a testament to the fact that green buildings have come to stay. The US government acquired about 50,000m2 of land in Eko Atlantic City for the Consulate’s new head office. A 21-storey smart office tower is being constructed in Uyo, Akwa Ibom state at an approximate cost of ₦19Bn, funded via a PPP. Upon completion, it is expected to house leading oil services firms.
This document brings together a set of latest data points and publicly available information relevant for Travel & Transportation Industry. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
This document brings together a set
of latest data points and publicly
available information relevant for
Telecommunication & Media
Industry. We are very excited to share
this content and believe that readers
will benefit from this periodic
publication immensely.
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This document brings together a set
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Platforms & Applications
Technology. We are very excited to
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readers will benefit from this @itshades.com
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This document brings together a set
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Platforms & Applications
Technology. We are very excited to
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periodic publication immensely.
This document brings together a set
of latest data points and publicly
available information relevant for
Business Services Industry. We are
very excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
This document brings together a set
of latest data points and publicly
available information relevant for
Travel & Transportation Industry. We
are very excited to share this content
and believe that readers will benefit
from this periodic publication
immensely.
Emperor Entertainment Hotel (296 HK): A Weighted CoinBrian Grosso
I believe Emperor Entertainment Hotel is a weighted coin. If we focus on how insiders have actually behaved, they’ve treated investors well. The market concerns seem overblown. That discount has been compounded recently by the bear market in China and Hong Kong, and Macau gaming stocks have declined more than the indices. Even if Macau gaming activity declines and Emperor’s assets underperform competitors, unless insiders behave unfairly, it’s hard to find downside in the stock and the upside is multiples of the current price.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. NagaCorp 3918 HK
The casino operator in Cambodia Nagacorp is a disruptor in the Asian casino market, especially
Macau. The share price is under pressure trading close to its lowest level in March 2020 and -
50% from the top during late 2019 only because the casino is currently closed. Would you like
to go back to March 2020 and buy high-quality assets at bargain prices? Then, this is your
opportunity!
I agree that a casino is a commodity business, however, Nagacorp has competitive advantages
that make it unique:
1. Monopoly license: Nagacorp operates a casino in Phnom Penh with a long-term license that
expires in 2065 and a monopoly within a 200km radius of Phnom Penh that expires in 2045,
with no limits on the amount of gaming space, tables or type of games. Macau has a
limitation on the number of tables and requires a periodic license renewal.
2. Low-cost player: A casino is a labor-intensive business. Wages, building costs, services… the
running cost is much lower in Cambodia. This offers a better value for money than the other
places, e.g., a croupier earns $3.500/month in Macau while the same dealer earns $400-
$500/month in Cambodia.
3. Low-tax country: Macau pays 35% of GGR (Gross Gaming Revenues) + 2-3% variable as
public development and social related contributions. Singapore 5% of VIP Market GGR and
15% of Mass Market. Philippines 17% VIP and 27% Mass and Vietnam 15% VIP and 35%
Mass. On the contrary, Nagacorp only pays 4% VIP and 7% Mass. Moreover, casinos in
Cambodia are exempt from corporate tax rate, while they pay 12% in Macao, 17% in
Singapore, 30% in Philippines and 20% in Vietnam. The low-tax and low-cost on the country
allow outsized returns on invested capital (i.e. 30% ROE)
4. Location: Cambodia is located in southeast Asia and is bordered by Thailand, Laos and
Vietnam. NagaWorld is in the capital, close to the main airport. The population within a one-
hour flight of Phnom Penh is over 165 million. Main Chinese cities are < three-hour flight.
5. Excellent business relation with Junkets: There are two big markets. Mass Market, mostly
driven by tourism and expat, while VIP market, (72% of Gross Gaming Revenue in 2019) is
propelled by “casino junkets”. Junkets are more than travel agents for high rollers. They
provide funding (hard for Chinese to get money out of China), arrange private games (rent
rooms from Nagacorp and share its profits) and other services. Due to Nagacorp’s
competitive advantage from gaming tax and low-cost country, it can pay higher commissions
(1.8% effective VIP commission rate vs 1.2% in Macau - Macao commission is restricted to
regulation) while maintaining the highest margins. (2019 numbers: Nagacorp 32.6% EBIT
Margin, Sands China 25.8% margin, Wynn Macau 17.8% margin)
6. Growth: Nagacorp first opened in 1995 a casino-vessel on the Mekong river. In 2003,
Nagacorp built NagaWorld replacing its maritime vessel with a luxury resort (Naga1) that
has recently been refurbished. In 2017, Nagacorp opened Naga2, which added 900 hotel
rooms to the 700 rooms in Naga 1 and more than doubled the number of gambling tables
to 500. Since the opening, Nagacorp VIP business increased 450% in three years as 4 of the
5 biggest Macao junkets signed with them. Due to the success, Nagacorp is building Naga3
(scheduled to late 2025) which will more than double the current number of gaming tables,
retail space and gross floor area.
7. Corporate governance: Nagacorp’s controlling shareholder, the founder Dr. Chen, owns
67% of the company. Nagacorp’s Chairman is Timothy Patrick and he was a Special Agent of
the Federal Bureau of Investigation (“FBI”) for almost 25 years. He brought the AML (Anti
2. money laundering) from Las Vegas. Moreover, Nagacorp pays 60% of its annual profit as a
dividend. Since the IPO (2006), $1.5bn were handed out in dividends out of $2.3bn profits
(compared to $4.1bn of current market cap).
8. Risks:
a. Regulatory risk: Low. 70-year-old Dr. Chen has a very good relationship with
Cambodian government and his son is involved too. Nagacorp is the highest labor
provider. In 2018, it represented 23% of local GDP tourism and 1.3% of Cambodia’s
GDP. In 2019, Nagacorp extended its monopolistic license from 2035 to 2045 and
during 2020 Cambodia leased 75 hectare-land near Angkor Wat in Siem Reap (major
Cambodia’s tourism draw) where Nagacorp expects to build a water theme park,
two hotels with a total of 700 5-star rooms, a boating canal system, China Town and
an indoor interactive Hi-Tech Theme Park. (UNESCO has delayed this project
because it does not fit their standards and it is only at 500 meters of the restricted
zone. Nagacorp is seeking some changes in order to go ahead with the project).
Finally, the government of Cambodia draw a draft that will be effective in 2022 and
reaffirmed the monopolistic license by law and a new casino tax-regulation that
ensures Nagacorp low-tax competitive advantage.
b. Country risk: Medium. After a long period of war, the king of Cambodia was
restored. Since then, Cambodia has experienced political stability through a
multiparty democracy under a constitutional monarchy. The Prime Minister Hun
Sen is in charge since 1996 and has consecutively won the elections every five years
(the last being in 2018). Cambodia has raised by >7% CAGR last 25 years being the
sixth highest growing-country in the world thanks to Chinese support (the Belt and
Road Initiative). Cambodia is indeed heavily influenced by China.
c. Company risk: Low. The debt markets were closed for Nagacorp until 2018 when
they issued a bond of $300M 9.375% Senior Notes Due 2021 in order to provide
credit to its VIP Market segment. Last year they issued $350M 7.95% Senior Notes
Due 2024 and they issued additional $200M 2024 maturity at 6.625% a few weeks
ago. I think this reduction in the debt cost implies a lower WACC and a higher
valuation multiple. (Historically, Nagacorp has traded at 8-10x EBITDA vs 15-18x
Macao peers)
d. COVID: Temporary. Cambodia is ranked the second most vaccinated nation among
ASEAN after Singapore. About 99% of Phnom Penh’s adult population is fully
vaccinated being one of the most vaccinated capital in the world. The government
expects to have more than 80% of the people vaccinated before the end of the year.
High vaccination rates are working with new daily infected cases declined to 400 vs
peak of 1130 cases in June 2021. The feedback I’ve got is that government is
planning to reopen the schools by mid/end of September and the Casino will open
during October. It is fair to say that Covid is pressing the business as the casino is
closed since last 2nd
March 2021. In 2020 they were closed for more than 3 months
but Nagacorp reported $102M profit, $45M of FCF and paid 92% of the profit as a
dividend. The VIP market was down 52% because the flights were restricted and
taking into account that their customers 50% from China and the remaining 50%
from Vietnam, Philippines and Thailand, while the Mass segment held on better due
to the expat (people that own business in Cambodia and are regular players). Note
that local people are not allowed to enter in the casino by law.
e. Capital increase: Low Nagacorp has a healthy balance sheet (0.8x 2020 EBITDA and
0.3x taking 2019 EBITDA). Naga 3 project is demand-driven and they might delay or
3. downsize the project. The project will be financed 50% from Nagacorp cashflow and
50% by the controlling shareholder that will sell his stake to Nagacorp through a
capital increase at 12 HKD (>20% premium on the announcement day and 64% at
today’s prices). Dr. Chen will increase his stake from 66% to 74% by late 2025. On
top of that, Dr. Chen has bought $79M on the secondary market during 2020 and
an extra $10M over the last week which supports our theory that a capital increase
is not needed. Naga3 is a big project, but the largest part of the capex needed
($3.5bn the whole project, $1.75bn Nagacorp stake) can be funded from internal
cashflow from 2022 to 2025 (they can reduce the payout for a couple of years) and
they now have access to cheap debt. Before Covid, Nagacorp expected to grow 10%
its topline and 8% its COGS from 2019 to 2025 generating $1.85bn of excess FCF
showing that they would fund their part only using internal cashflow while paying
60% of their profits as a dividend.
9. Internal estimates: We expect Nagacorp achieving 2019 revenue on 2H 2023. Nagacorp is
trading at less than 9x 2023 PE and less than 7x 2023 EV/EBITDA (assuming -5% EBITDA
growth compared to 2019 and -21% profit growth -new tax regulation effect-, which I agree
is conservative, especially taking as a reference how Nagacorp behaved on 2009 slowdown).
I forecast 60%-80% upside by the end of 2023 and >400% upside by the end of 2027 (28%
CAGR) when I expect Naga3 fully operating.
Nagacorp is a unique business well protected by a monopolistic license until 2045 that benefits
from the Asia growing and gambling structural trend. The company operates in a low-cost and
low-tax country that allows them to attract gamblers and generate outsized returns on invested
capital. The company is trading at Covid lows despite the debt market considers it safer and low-
risky.
Gabriel Castro, CFA