NAGACORP H1 2015 RESULTS

Revenue increased 39.0% vs 2014
Net Profit increased 49.4% vs 2014
Current Ratio 6.52
Debt to Equity Ratio 0.05
Dividend HK$0.2069, an increased of 30% over 2014

Visitors to Cambodia grew 4.6% vs same period last year. Top three countries were Vietnam (21%), China (15%) and South Korea (10%).

Macau’s Gross Gaming Revenue (“GGR”) declined 37% for the first half of 2015. NagaWorld in contrast, recorded GGR growth of 42%.

However, the much touted NagaCity Walk's opening has been delayed by 6 months to Q3 2016.

Naga2, the new hotel cum casino complex remained on target to open by 2017.

There were no new development on the Russian front. I expect work to only commence in late 2016  or early 2017.

However, due to the recent rout of HK shares, Nagacorp is a compelling BUY.

Based on its present price of HK$4.83, the H1 dividend declared would have already contributed a 4.3% yield. Full year yield could touch 7% - 8%.

My disclosure: I am long Nagacorp.