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Consumer Cyclical · Resorts & Casinos · 3918.HK

What NagaCorp Does & How It Makes Money (3918.HK)

Updated October 2026 · reflects NagaCorp's latest reported financials

Cambodian casino resort operator running Phnom Penh's NagaWorld complex. Most of its money comes from casino gaming at NagaWorld, including gaming tables, electronic gaming machines, public gaming floors and VIP referral halls.

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How NagaCorp makes money

Most of its money comes from casino gaming at NagaWorld, including gaming tables, electronic gaming machines, public gaming floors and VIP referral halls. Hotel rooms, food and beverage, entertainment, events and retail at the complex bring in more revenue.

What NagaCorp does

NagaCorp Ltd., founded in 1995 and based in Phnom Penh, is an investment holding company that owns, manages and operates NagaWorld, an integrated hotel and entertainment complex in Cambodia. It reports two segments: Casino Operations, and Hotel and Entertainment Operations. NagaWorld has gaming tables, electronic gaming machines, public gaming areas, VIP referral halls, hotel suites and rooms, food and beverage outlets, a live performance venue, event spaces and a shopping mall. The company also runs related businesses: management consulting, aircraft management, transportation support, travel agency and employment placement services. It is involved in property development and investment, retail and a football club. It also manages the NagaCity Walk project and runs culture tourism center activities. Nearly all of its business is tied to a single flagship property in Cambodia.

Products & services

What is NagaCorp worth?

On an owner-earnings DCF, NagaCorp's most-likely value is about HK$1 versus a recent price near HK$2 (135% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~HK$0) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.

Verdict: Fairly priced — no edge
Owner-earnings fair value · recent price ≈ HK$2
Fair value (most likely)
HK$1
Range
HK$1–HK$2
No-growth floor
HK$0
Price
~HK$2

Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.

Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →

Sector Consumer Cyclical Industry Resorts & Casinos HQ Cambodia Ticker 3918.HK Official site

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