NagaCorp set to sustain 30% dividend payout ratio, says CLSA

The Cambodian casino operator is expected to maintain steady shareholder returns through 2028.

Cambodia.- NagaCorp is expected to maintain a stable dividend payout ratio of around 30 per cent through 2028, according to brokerage CLSA. The outlook follows a strong financial performance in 2025, with net profit of US$309.9m, up from US$109.6m a year earlier.

The recovery was driven by disciplined rebate spending, improved gaming margins and stronger hold rates, particularly from side bets. CLSA noted that dividends resumed in 2025 and are likely to remain consistent over the next three years, as the operator plans to finance its NagaWorld expansion primarily through internal resources rather than external fundraising.

The brokerage expects NagaCorp to generate “robust cashflow” from 2026 onward, supported by a rebound in VIP rolling volumes following the easing of the border conflict between Cambodia and Thailand. This momentum, combined with lower-than-expected capital expenditure, is projected to boost liquidity.

By 2028, the company’s cash reserves could reach approximately US$726m, equivalent to around 31 per cent of its current market capitalisation, up from $372m in 2025. Over the same period, revenue is forecast to grow from US$710m to US$854m, while net profit could rise to US$408m.

CLSA highlighted Cambodia’s planned four-month visa exemption for Chinese visitors starting June 15 as a key catalyst, likely to support visitation and gaming revenue in the second half of 2026.

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The Cambodian casino operator is expected to maintain steady shareholder returns through 2028. Cambodia.- NagaCorp is expected to maintain a stable dividend payout ratio of around 30 per cent through 2028, according to brokerage CLSA. The outlook follows a strong financial performance in 2025, with net profit of US$309.9m, up from US$109.6m a year earlier….