Time to take a punt on Nagacorp?

Nagacorp (3918 HK) is a company I have followed for a while. The company owns a first-class asset - an exclusive monopoly license to operate a hotel-casino in Cambodia's capital city Phnom Phen out until 2035 (which is built out and operational). The company has been growing like a weed, benefitting from growing tourism flows into Cambodia, and rising regional and (in particular) Chinese wealth (a key source of inbound tourism and gaming dollars).

The company took the significant downturn in Chinese VIP gambling activity in 2015-16 in its stride (which followed a Chinese corruption crack-down which hit Macau pretty hard), with the downturn barely registering in Nagacorp's financials. This reflected the property's mass-market appeal (about 50% of gross profit), coupled with its VIP positioning as something of a 'poor man's Macau' (although it has also been speculated that company has benefitted from Cambodia's somewhat more 'off the radar' location and lax oversight). The casino also benefits from gambling tourism from Vietnam, where until recently gambling was outlawed (a modest relaxation of these restrictions is currently being discussed/trialled).