In "The Big Bank," Citigroup: WYNN MACAU's third-quarter property EBITDA was below the bank's expectations, maintaining a target price of HKD 9

According to a report from Citibank, WYNN MACAU (01128.HK) saw its property EBITDA grow by 17% year-on-year to HKD 2.405 billion in the third quarter, which is 2% higher than market expectations but 3% lower than the bank's forecast. The property EBITDA profit margin expanded by 0.6 percentage points year-on-year to 30.8%.

During the quarter, the VIP room win rate was above normal levels, contributing positively HKD 179 million to EBITDA, which roughly offset the HKD 195 million in additional operating expenses caused by Typhoon Haikui. The company maintains its full-year capital expenditure guidance unchanged.

The bank now sets a target price of HKD 9, maintaining an "outperform" rating, and believes the company still has robust cash flow generation, as it has not incurred significant expansionary capital expenditures, which will help support its valuation