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Research Report

24/05/2021 17:42

{I-bank focus}Morgan cuts Wynn Macau (01128) to HK$17

[ET Net News Agency, 24 May 2021] Morgan Stanley cut its target price for Wynn Macau
(01128) to HK$17 from HK$21 on lower 2022 EBITDA and maintained its "overweight" rating.
The research house cut down its 2021/22/23 EBITDA estimates by 22%/14%/6% to reflect
slower GGR recovery. This leads to its EPS estimates to be 82%, 32% and 14% lower for
2021, 2022 and 2023, respectively.
However, Morgan remains constructive on Wynn to take market shares in premium segments,
helped by its better product offerings.
Morgan cut its 2021 GGR estimates by 19%. It now expects 2021 GGR to be at 45% of 2019.
Mass and VIP estimates are 23% and 5% lower, to 55% and 27% of 2019, respectively. Its
2022 GGR is also 17% lower to 81% of 2019's level. These are to reflect the prolonged
travel restrictions and uncertainty in travel easing between Mainland, HK, and Macau. (KL)

Remark: Real time quote last updated: 21/01/2022 17:59
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