

Group 1 - Morgan Stanley raised the target price for Wynn Macau from HKD 7.1 to HKD 7.8 and upgraded the rating to "Overweight" [1] - The company reported an adjusted daily EBITDA of USD 3.3 million for June and July, translating to approximately USD 300 million for the quarter [1] - The forecast for the 2025 dividend per share was increased to HKD 0.37, which is 50% higher than market expectations, resulting in a dividend yield of 6%, the highest in the industry [1] Group 2 - The recent decline in the company's stock price has made short-term valuations more attractive, with expectations that the stock will outperform the market in the next 60 days [1] - In the industry upcycle, there is a preference for high-leverage companies, and Wynn Macau's net debt to EBITDA ratio is between 4 to 5 times, indicating greater potential for stock price appreciation compared to peers [1] - Wynn Macau is the first company in the coverage area to issue bonds maturing in 2034, reflecting increased confidence in its business sustainability [1]