东吴证券(香港):维持永利澳门(01128)“买入”评级 目标价9.2港元

Dongwu Securities (Hong Kong): Maintaining Wynn Macau (01128) “Buy” Rating Target Price of HK$9.2

Zhitong Finance ·  Feb 20 16:48

The adjusted EBITDA margin for Wynn Macau (01128) 23Q4 increased 1.4pct to 32.6% from 31.2% in 4Q19.

The Zhitong Finance App learned that Dongwu Securities (Hong Kong) released a research report stating that it maintained the “buy” rating of Wynn Macau (01128) and raised the 2023-2025 net revenue forecast to HK$241.9/269.9/HK$241.9/30.58 billion based on industry trends and the company's latest recovery; the adjusted property EBITDA forecast rose to HK$74.5/84.0/10.25 billion, with a target price of HK$9.2 billion.

According to the report, on the profit side, 4Q23's adjusted property EBITDAR was US$300 million, recovering to 85.4% in 4Q19. Profit recovery continued to be faster than revenue recovery, driving the company's adjusted property EBITDA profit margin to increase 1.4pct to 32.6% from 31.2% in 4Q19. If 4Q23's high VIP win rate is standardized, the adjusted property EBITDAR will be adjusted to US$290 million, corresponding to a profit margin of 31.8%, with an increase over the same period. The bank's judgment is mainly based on: 1) the revenue share of midfield businesses with high profit margins continues to increase; 2) as the recovery process continues to advance, operating leverage comes into play.

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