[ET Net News Agency, 17 April 2020] Credit Suisse lifted its target price for Wynn
Macau (01128) to HK$18 from HK$16.4 and upgraded its rating to "outperform" from
"neutral".
The research house said Macau gaming sector is trading at 10x its conservatively based
2021 EBITDA. Credit Suisse sees potential re-opening of IVS (Individual Visa Scheme) in
May, positive newsflow, and recovering GGR momentum as ongoing catalysts.
Credit Suisse estimated Wynn should have gained share in mass in 1Q. Its EBITDA could be
at US$21mn based on a slight share gain as demand on high-end players outpaced base mass.
With its new industry GGR assumption, Credit Suisse cut its EBITDA forecast by 47% for
FY2020 and 2% for FY2021. (KL)