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<Research>M Stanley Drops NAGACORP (03918.HK) TP to $2.75, Cuts 2024/ 2025 EBITDA Forecasts
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Morgan Stanley released a research report forecasting that 4Q24/ 2H24 EBITDA will drop 9% YoY to US$73 million/ US$138 million each due to the weak growth outlook and the overhang impact of the impairment of the Russian business of NAGACORP (03918.HK), with rating kept at Equalweight. Morgan Stanley also lowered its 2024/ 2025 EBITDA forecasts by 42%/ 24% to US$193 million/ US$302 million, respectively. Taking into account the impact of one-off charges in 2Q24, the current forecasts are about 8-9% below the market's general expectations. Accordingly, the broker also dropped its target price for NAGACORP from $3.25 to $2.75. AAStocks Financial News |
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