Ge Long Hui·2025-11-07 05:25Group 1 - The core viewpoint of the report indicates that Wynn Macau's Q3 property EBITDA increased by 17% year-on-year to HKD 2.405 billion, which is 2% higher than market expectations but 3% lower than the bank's own forecast [1] - The property EBITDA margin expanded by 0.6 percentage points year-on-year to 30.8% [1] - The high win rate in the VIP room contributed HKD 179 million positively to EBITDA, offsetting the additional operational expenses of HKD 195 million caused by Typhoon Haikui [1] Group 2 - The bank maintains a "Outperform" rating for Wynn Macau with a target price of HKD 9, citing the company's robust cash flow generation as a supportive factor for its valuation [1] - Morgan Stanley forecasts a slowdown in Macau's total gaming revenue growth to 8% to 10% in November, while maintaining a short-term positive outlook on Wynn Macau [2]