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<Research>CLSA: WYNN MACAU (01128.HK) 4Q25 Results in Line with Forecast, but Miss Mkt Consensus
Recommend 1 Positive 8 Negative 3 |
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WYNN MACAU (01128.HK)'s 4Q25 property EBITDA declined by 7% YoY to $2.113 billion, in line with CLSA's expectation, but 10% below market consensus, dented by a decrease in VIP and mass win rates, according to CLSA's research report. Its property EBITDA margin contracted by 3.6 ppts YoY to 28%, also in line with the broker's forecast. The Company lowered its 2026 capital expenditure guidance from the original range of US$450-500 million to US$400-450 million; and anticipated the renovation of the Chairman's Club at Wynn Palace to be completed before the Lunar New Year (LNY). The business in volume in January 2026 was in line with 4Q25, the Company added. Therefore, the broker currently rated WYNN MACAU at Outperform, with a target price of $8.2. AAStocks Financial News Website: www.aastocks.com |
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