Wynn Macau, Limited: Research Tactical Idea

研报英文原文证据摘录

M

Idea

August 5, 2026 12:13 AM GMT

Wynn Macau, Limited | Asia Pacific

Morgan Stanley Asia Limited+

Praveen K Choudhary

Equity Analyst

Research Tactical Idea

We believe the share price will rise relative to the country index over the next 60

days.

This is because Wynn Macau's 2Q26 property EBITDA was 6% above consensus (9%

above consensus relative to 2Q hold adj. EBITDA). Annualized 1H26 Corp. EBITDA of

US$1,042mn represents 103% of 2026 VA Consensus, suggesting scope for positive

revisions given positive seasonality in 2H26. The stock is trading at ~7.6x EV/ LTM

Corp. EBITDA, 11.7% FCFE yield and 7.9% sustainable dividend yield and looks

attractive. It is cheaper than historical average and peers.

We estimate that there is about an 80%+ (or "highly likely") probability for the

scenario.

Wynn Macau, Limited (1128.HK, 1128 HK)

Hong Kong/Macau Gaming | Hong Kong

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Overweight

In-Line

HK$6.10

HK$5.66

HK$7.40-4.87

5,696

HK$32,212

HK$65,915

HK$53

Estimated probabilities are illustrative and assigned subjectively based on our

assessment of the likelihood of the scenario.

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companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.