In "Major Banks," CICC raises the target price for WYNN MACAU to HKD 7.9 and maintains an "Outperform" rating

AASTOCKS
2025.11.10 01:58

CICC published a report stating that WYNN MACAU (01128.HK) announced its third-quarter 2025 results, with net revenue reaching USD 1.001 billion, a 15% increase year-on-year and a 13% increase quarter-on-quarter, recovering to 93% of the level in the third quarter of 2019. Adjusted property EBITDA reached USD 308 million, up 17% year-on-year and 22% quarter-on-quarter, recovering to 102% of the third quarter of 2019, slightly higher than the market expectation of USD 301 million.

CICC believes that WYNN MACAU's performance is mainly due to a low base effect; the market share of total gaming revenue increased from 11.8% in the second quarter of 2025 to 13% in the third quarter. The firm maintains its forecasts for adjusted EBITDA for 2025 and 2026. The stock is currently trading at a level of 7.6 times the expected EV/EBITDA for 2026. It maintains an "outperform" rating and, based on valuation adjustments, raises the target price by 4% to HKD 7.9, implying an expected EV/EBITDA of 8.4 times for 2025

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