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<Research>G Sachs Adds TP of WYNN MACAU (01128.HK) to $9.6; 1Q24 Results In Line
Recommend 13 Positive 39 Negative 14 |
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Goldman Sachs wrote in a report that WYNN MACAU (01128.HK)'s 1Q24 results were in line with expectations. Property EBITDA for the period rose 14% QoQ to US$340 million. Adjusted property EBITDA grew 11% QoQ to US$321 million, in line with broker and market expectations of US$310 million to US$340 million. WYNN management was quoted as saying it maintained a relatively positive outlook for the group's business, with mass market cash drop up 30% YoY in April, maintaining a steady momentum, as well as being 32% higher in 1Q24 compared to the pre-pandemic period. Hotel occupancy was maintained at 99%. Management was also pleased with the performance during the May Day Golden Week (1-5 May), with mass market cash drop rising 30% from the pre-Covid period, close to the level seen during the Lunar New Year holiday. In addition, WYNN revealed that, similar to other gaming operators, it has been conducting tests on radio frequency identification (RFID) gaming tables. These smart tables are planned to be rolled out by the end of this year to narrow the competition gap with MGM CHINA (02282.HK). Goldman raised its target price on WYNN from HK$8.4 to HK$9.6 and rated the company Neutral, commenting that WYNN's valuation is not too high, and share price performance will depend on its ability to maintain profitability. With GALAXY ENT (00027.HK) and Melco currently stepping up promotions, they could potentially regain GGR market share from either MGM or WYNN, the broker added. AAStocks Financial News |
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