[ET Net News Agency, 11 May 2020] Goldman Sachs raised its target price for Wynn Macau
(01128) to HK$18.3 from HK$18 and maintained its "buy" rating.
The research house said Wynn Macau's 1Q results were impacted by COVID-19, but actually
came in better than Goldman's expectations. For 1Q as a whole, Wynn's rolling volume
dropped -55% QoQ versus -58%/-67% in mass-market/slot GGR. This implies +0.5pts QoQ GGR
market share recovery to 14.4% led by mass-market (+0.9pts to 12.7%).
Goldman said Wynn Macau's share price has lagged their peers during the recovery over
the past month, perhaps due to their suspension of dividends and market perception that
Wynn might have continued losing GGR share. It expects management's more positive comments
regarding its performance in March to provide support for the stock near term, especially
after the junket commission rate adjustment. (KL)