[ET Net News Agency, 11 December 2017] Credit Suisse lifted its target price for Wynn
Macau (01128) to HK$29 from HK$19, and upgraded its rating to "outperform" from "neutral".
Despite the strong share price performance in 2017 (+50% year-to-date), the research
house believes Wynn is likely to see outperformance into 2018 on (1) strength in the VIP
segment in Macau, (2) continued improvement in Wynn Palace mass market share as
accessibility improves and product upgrades in 2018, (3) the benefits from building up
customer loyalty post the new player reward program, and (4) earnings multiple re-rating
as dividend continues to increase.
Credit Suisse believes Wynn gained share both for VIP (benefited from industry strength)
and mass in 4Q (the ramping up of Wynn Palace). It expects Wynn to deliver a strong 12%
QoQ EBITDA progress in 4Q.
Followed its new industry GGR growth (+20%/+22%/+20% for 2017/18/19) and market share
assumptions, Credit Suisse raised its EBITDA for 2017-2019E by 3-29%. (KL)
【與拍賣官看藝術】常玉作品屢創天價，背後其實藏著跌宕起伏的人生► 即睇
