NagaCorp (03918) dropped over 4% after surging more than 9% in the previous session. As of press time, the stock fell 4.38% to HK$6.12 with a turnover of HK$69.27 million.

On the news front, NagaCorp recently announced that for the nine months ended September 30, 2025, total gaming revenue reached US$532 million, representing a 29.6% year-over-year increase, while net gaming revenue stood at US$466 million, up 30% compared to the same period last year.

Citi research noted that NagaCorp's third-quarter total gaming revenue of US$200 million exceeded the bank's forecast of US$152.4 million. Taking into account the company's revenue performance, the bank raised its earnings forecasts for fiscal years 2025-2027 by 20% to 24%, with the target price accordingly increased from HK$4.4 to HK$5.4, while maintaining a "Sell" rating.

The bank stated that despite the company's strong gaming revenue growth over the past three quarters, uncertainty remains regarding the scale of the Naga 3 project.