[ET Net News Agency, 8 December 2023] UBS lowered its price target for NagaCorp (03918)
to HKD3.8 from HKD5.1 and maintained its "neutral" rating.
The research house said based on revised forecast and assuming Naga continues with Naga
3, it believes FCF is likely to remain limited following the repayment of USD470m bond in
2024E, and the company is unlikely to resume dividend payments. However, it believes the
scale down of Naga 3 could slow capex outlay notably, and bode well for 2025E FCF. (RC)