Morgan Stanley Elevates Wynn Macau to Overweight, Raises Price Target to HK$6.4

Stock News03-24

Morgan Stanley has issued a research report upgrading Wynn Macau (01128) from "Equal-weight" to "Overweight" and increasing its target price from HK$5.9 to HK$6.4. The upgrade is primarily based on three factors. Firstly, the company offers the highest dividend yield in the gaming industry, approximately 8.4%, which can be sustained without relying on profit levels. Secondly, market share growth is anticipated in the first quarter of 2026. Thirdly, the company maintains a prudent approach to reinvestment. The report noted that Wynn Macau's dividend payout for 2025 will increase by 20%, with an expected dividend yield of 8.4% in 2026, the highest in the global gaming sector. The firm expects the company to maintain a dividend payment of HK$0.223 per distribution. Although the company's net debt to EBITDA ratio is relatively high at 4.4 times, the 8% dividend yield is considered highly attractive compared to industry peers and historical ranges.

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