[ET Net News Agency, 11 December 2017] Deutsche Bank lifted its target price for Wynn
Macau (01128) to HK$28 from HK$25.7, and maintained its "buy" rating.
The research house lifted its 2018 VIP GGR growth forecast from 15% to 21%, and lifted
its 2018 mass GGR growth forecast from 9% to 13%. DB said Wynn Macau has been the biggest
gainer of market share in 2017 thanks to ramp-up at Wynn Palace and the company's success
in VIP segment.
Its target EV/EBITDA multiple is 16x, second highest in the sector, just below Sands
China (01928). It believes this is justified as (i) GGR growth momentum supports higher
valuation and (ii) Wynn Macau is a high quality name with declining leverage. (KL)
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