UBS has released a research report indicating that NAGACORP's performance in the second half of last year met expectations, though VIP business demand was under pressure in the fourth quarter due to the impact of anti-fraud centers and tensions along the Thai-Cambodian border. Management noted that VIP demand has shown signs of recovery following a ceasefire agreement in December, and the company plans to expand its marketing team this year to attract more international clients. Additionally, sustained foreign direct investment inflows into Cambodia, coupled with the upcoming trial visa-free travel arrangement between China and Cambodia, are expected to boost demand from Chinese tourists. The bank maintains a "buy" rating but has reduced the target price from HK$6.8 to HK$6.4. The group has guided capital expenditure of approximately $170 million by 2026, primarily for renovating Naga 1 and Naga 2 and introducing smart table technology. Operating expenses are projected to grow at a low to mid-single-digit rate, though management has not provided an update on the timeline or scale of Naga 3's development. Despite geopolitical uncertainties, management expects limited operational impact. The group will continue to adopt a cautious dividend policy to maintain financial flexibility in addressing risks and potential capital expenditures related to Naga 3.