[ET Net News Agency, 19 March 2021] Morgan Stanley lifted its target price for Wynn
Macau (01128) to HK$21 from HK$17 and maintained its "overweight" rating.
The research house increased its 2022 EBITDA by 10% as Morgan raised its Mass revenue by
10% (to +17% versus 2019) and lowered its 2022 opex by 3% (to -8% versus 2019). This leads
to 20% higher for 2022 EPS.
Morgan believes Wynn Macau to have better offerings/products for premium mass customers
which should help its growth and share gain post-COVID amidst China's consumption upgrade.
For 2021, Morgan cut its VIP revenue and Mass revenue by 31% and 10%, to reflect slower
travel easing and China's heightened scrutiny over VIP. Thus, its 2021 net revenue, EBITDA
and EPS were lowered by 18%, 41% and 200% (turning to -HK$0.26 from +HK$0.26). (KL)
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01128 WYNN MACAU
Nominal 
5.130 -0.050 (-0.965%) Research Report
19/03/2021 14:51
{I-bank focus}Morgan lifts Wynn Macau (01128) to HK$21
| Remark: | Real time quote last updated: 23/09/2024 17:29 |
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