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Research Report

23/01/2020 09:34

{I-bank focus}UBS downgrades Wynn Macau (01128) to HK$19.4

[ET Net News Agency, 23 January 2020] UBS Global Research cut its target price for Wynn
Macau (01128) to HK$19.4 from HK$20 and downgraded its rating to "neutral" from "buy".
The research house said a competitive supply of 8-9k new rooms on Cotai over 2020-22
should drag Wynn's market share. UBS tweaked its Macau sector GGR (gross gaming revenue)
assumptions, with a 3ppt increase in mass GGR and a 2ppt cut in VIP GGR.
It said Wynn Macau is trading at 12.4x 2020 EV/EBITDA with a weaker than- peer growth
outlook, thus UBS believes the risk/reward is broadly balanced. (KL)

Remark: Real time quote last updated: 28/02/2020 11:33
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