Wynn Macau's Shares Surge Over 4% in Early Trading, Upholds 'Buy' Rating from UBS

Deep News06-02

Wynn Macau Ltd (SEHK: 01128) saw its share price rise more than 4% during the morning session. At the time of reporting, the stock was up 4.59%, trading at HKD 5.92 with a turnover of HKD 12.3543 million.

UBS released a research report maintaining its "buy" rating on both Wynn Macau and Melco Resorts & Entertainment, and listed them as preferred picks within the sector.

According to its channel checks, Macau's average daily gross gaming revenue (GGR) for the first ten days of May, including the Labour Day Golden Week, was approximately MOP 780 million, flat compared to the same period last year, primarily impacted by a low win rate in the VIP segment. Using a theoretical VIP win rate of 3% to 3.3%, UBS estimates the average daily GGR would have reached MOP 850 million to MOP 900 million, representing a year-on-year increase of 10% to 15%. Within this, mass market average daily GGR grew 17% to 20% month-on-month, while VIP rolling chip volume increased 18% to 22% month-on-month, though the actual VIP win rate was only 2% to 2.3%.

The report noted that the market expects the average daily GGR for the remaining 21 days of May to reach approximately MOP 701 million for the overall May average to meet market expectations of around MOP 727 million, implying a year-on-year growth of 6.3%. Current valuations for Macau gaming stocks imply a 2026 forecast enterprise value to EBITDA (EV/EBITDA) multiple of about 8.3x, which is 0.75 standard deviations below the two-year average.

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