Glonghui, Feb. 19 | Morgan Stanley released a research report saying that it gave Wynn Macau an “increased” rating and raised the target price by 12% to HK$8.4 because the EBITDA forecast for this year was raised by 4% and the maintenance capital expenditure assumption was lowered by 25% to reflect lower management guidance, and the valuation was cheap. As for the 9% increase in earnings per share forecast for this year, we continue to assume that this year's dividend per share will be zero. Next year's earnings forecast remains largely unchanged. However, it is estimated that the dividend per share will be reduced from HK$0.45 to HK$0.3, or 50%. It is expected that the next year will return to the 2019 level of $0.45, which is equivalent to a dividend rate of 6.7%. Meanwhile, the midfield revenue share forecast was slightly lowered to 12.4%. The previous forecast was 12.6%, and the market forecast was 11.9%, as the Group may face more competition from GEG and MGM this year.