Wynn Macau's capital expenditure guidance for this year and next two years is lower than Lyon's forecast.
The Zhitong Finance App learned that Lyon released a research report stating that it gave Wynn Macau (01128) a “buy” rating, with a target price of HK$10.7.
According to the report, the company performed well in the first quarter. Property Ebitda grew 14% quarterly to HK$2,649 million, 7% higher than market expectations and 3% higher than the bank's forecast. The capital expenditure guidelines for this year and next are unchanged, totaling 350 million to 500 million US dollars, which is lower than the bank's current forecast of a total of 538 million US dollars.
Lyon pointed out that the management of Wynn Macau said that despite the bad weather, the May 1st Golden Week performance was still encouraging. In terms of market share, the gaming revenue market share increased by 0.9 percentage points quarterly to 14.7% in the first quarter. The bank noticed an increase in the market share of “Wynn Macau” and “Wynn Palace”.