Citigroup has released a research report, announcing a reduction in its profit forecasts for NAGACORP (03918) by 3% to 8% for the years 2025 to 2027. The firm also lowered its target price for NAGACORP from HK$7 to HK$6.5, while maintaining a "Buy" rating. Looking ahead, the bank still expects NAGACORP to benefit from the newly opened Techo International Airport and Cambodia's four-month visa-free entry pilot program for Chinese tourists, which runs from June to October this year, potentially boosting visitor numbers to NAGACORP's Naga World. Citigroup noted that, considering the recent weakness in visitor numbers to Cambodia, it has revised down its forecast for NAGACORP's gaming volume in the second half of 2025 by approximately 4% to US$6.5 billion. Concurrently, its EBITDA forecast for the same period was cut by about 11% to US$206 million. The bank believes that while the negative sentiment surrounding the group has largely subsided following the extradition of Prince Group's chairman, Chen Zhi, to China in early January, concerns over tensions along the Thai-Cambodian border may persist into the first quarter.