[ET Net News Agency, 7 September 2020] Goldman Sachs lowered its target price for Wynn
Macau (01128) to HK$15.9 from HK$18.2 and downgraded its rating to "neutral" from "buy".
The research house expects the pace of Macau's VIP GGR recovery to lag that of the
mass-market. It forecast FY2021 VIP GGR to still be 30% below the 2019 level, while
mass-market GGR should fully catch up by then.
Even after its adjustment of the junket commission rates to be in line with its peers
earlier this year, Goldman estimated the company would still have the highest VIP exposure
among our coverage, representing 16% of its 2021 EBITDA (versus the sector average of 9%).
It believes Wynn's 13-14% EBITDA share looks fair for capturing 8-9% table/hotel room
shares in Macau and sees limited scope for its outperformance and hence re-rating. (KL)
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01128 WYNN MACAU
Nominal 
7.570 +0.130 (+1.747%) Research Report
07/09/2020 17:50
{I-bank focus}Goldman lowers Wynn Macau (01128) to HK$15.9
| Remark: | Real time quote last updated: 26/04/2024 16:14 |
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