{"id":777002400,"date":"2023-02-14T14:39:52","date_gmt":"2023-02-14T17:39:52","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777002400"},"modified":"2026-04-23T00:40:32","modified_gmt":"2026-04-23T03:40:32","slug":"analysts-expect-nagacorp-may-have-to-refinance-2024-bonds","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/analysts-expect-nagacorp-may-have-to-refinance-2024-bonds","title":{"rendered":"Analysts expect NagaCorp may have to refinance 2024 bonds"},"content":{"rendered":"\n<p>Morgan Stanley Asia made the analysis based on the expected pace of recovery in Cambodia\u2019s gaming market.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Cambodia.-<strong> Morgan Stanley Asia <\/strong>has predicted that<strong> NagaCorp will refinance its 2024 bonds<\/strong> due to the expected slow pace of recovery in Cambodia&#8217;s gaming market. <a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/nagacorp-posts-ggr-of-us445-9m-for-fy22\" target=\"_blank\">NagaCorp&#8217;s 2022 results<\/a>&nbsp;showed gross gaming revenue up by 99.5 per cent year-on-year, but, Morgan Stanley analysts <strong>Gareth Leung<\/strong> and<strong> Praveen Choudhary <\/strong>said its fourth-quarter recovery was &#8220;muted&#8221; and that December&#8217;s run rate &#8220;could have been much stronger\u201d.<\/p>\n\n\n\n<p>They noted that the expected return of Chinese package tours in the second quarter of 2023 may help the company&#8217;s business but that refinancing of the 2024 bonds \u201cseems likely\u201d given the baseline pace of recovery. For 2023, Morgan Stanley estimates that NagaCorp&#8217;s net revenues will be around US$884m, with EBITDA reaching US$400m.&nbsp;<\/p>\n\n\n\n<p>In November, <a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/nagacorp-plans-to-repurchase-up-to-us120m-in-senior-notes-due-in-2024\" target=\"_blank\">the company repurchased some of its senior notes<\/a>&nbsp;due to mature in July 2024 and brought down the outstanding principal amount to US$472.2m. It said that repaying the 2024 senior notes using internal generated operating cash flow remains its top priority.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morgan Stanley Asia made the analysis based on the expected pace of recovery in Cambodia\u2019s gaming market.<\/p>\n","protected":false},"author":176,"featured_media":18779,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Morgan Stanley Asia forecasts NagaCorp will refinance its 2024 bonds due to a muted recovery in Cambodia's gaming market, despite significant year-on-year GGR growth. Analysts project NagaCorp's 2023 net revenues at US$884m and EBITDA at US$400m, noting the potential impact of returning Chinese package tours.","focusai_entities":"Morgan Stanley Asia, NagaCorp, Gareth Leung, Praveen Choudhary","focusai_location":"Cambodia","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.8)","focusai_suggestions":[{"label":"NagaCorp Refinancing Strategy?","query":"What specific terms and conditions are anticipated for NagaCorp's 2024 bond refinancing, and how might this impact its cost of capital and future debt servicing capacity?"},{"label":"Cambodia Market Recovery Outlook?","query":"Beyond Chinese package tours, what other macroeconomic or regulatory factors are critical to accelerating Cambodia's gaming market recovery, and how do these influence NagaCorp's projected EBITDA?"}],"footnotes":""},"categories":[157,16333],"tags":[2336],"class_list":["post-777002400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-nagacorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777002400"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002400\/revisions"}],"predecessor-version":[{"id":777002416,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002400\/revisions\/777002416"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18779"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777002400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777002400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777002400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}