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M Stanley Keeps Overweight on WYNN MACAU; 4Q Results Weak but In Line
2026-02-13 15:35:33
According to Morgan Stanley's research report, WYNN MACAU (01128.HK)'s 4Q25 property EBITDA dropped by 12% QoQ or 7% YoY to USD271 million, while its EBITDA after win rate adjustments reached USD287 million, up 1% QoQ but down 2% YoY, in line with the broker's expectations, but below market expectations.

Against the backdrop of Macau's growing GGR, WYNN MACAU's corporate EBITDA fell by 7% YoY over the past year, underperforming its peers. Higher capital expenditures for 2026-27 also imply reduced free cash flow.

Morgan Stanley has rated WYNN MACAU as Overweight, with a target price of HKD7.4.
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