<ET Net News Agency, 9 February 2012> Citigroup raised its target price for NagaCorp
(03918) to HK$3.25 from HK$2.35, and maintained its "buy" call.
The research hosue visited NagaWorld recently and were encouraged by the continued
momentum on the mass floor and in the VIP rooms.
In addition to solid trends currently and a sales office in Thailand this year, Naga has
a number of catalysts on the horizon, including launch of the new 220-room hotel tower;
creation of a rewards program leveraging its new CRM platform; completion of the Naga Rock
Cafe adding 200-300 slots; broadening its luxury retail footprint with the completion of
the Gallery shops and NagaCity Walk; and construction of the new 97.6k sqm GFA
casino/hotel (now approved), Citi noted.
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