[ET Net News Agency, 16 January 2018] Morgan Stanley lifted its target price for Wynn
Macau (01128) to HK$31 from HK$28, and maintained its "overweight" rating.
The research house thinks Wynn Palace is not fully ramped up yet after driving overall
Wynn Macau EBITDA growth of 82% YoY in 3Q 2017. Further upside will come from: (1)
increasing hotel room comp ratio to 80% from 70% in 3Q 2017, (2) increasing cash yield of
hotel rooms by using OTA (online travel agents) less, (3) building the mass market
database, and (4) ramping up Chairman's Club, which is still underused and can do better.
Morgan also believes the company will sustain a high dividend payout ratio of around
100%, implying 6% dividend yield in 2019 driven by 8% FCFE (free cash flow to equity)
yield. (KL)
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01128 WYNN MACAU
Nominal 
7.440 -0.040 (-0.535%) Others
16/01/2018 17:55
[I-bank focus]Morgan lifts Wynn Macau (01128) to HK$31
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