Zhi Tong Cai Jing·2025-11-07 08:05Core Viewpoint - The report from Credit Lyonnais indicates that Wynn Macau (01128) achieved a 17% year-on-year increase in property EBITDA to 2.405 billion HKD, exceeding market expectations by 2% but falling short of the bank's expectations by 3% [1] Group 1: Financial Performance - Property EBITDA margin expanded by 0.6 percentage points year-on-year to 30.8% [1] - The VIP room win rate was above normal levels, contributing 179 million HKD positively to EBITDA, which largely offset the additional operating expenses of 195 million HKD caused by Typhoon Haikui [1] Group 2: Capital Expenditure and Valuation - The company maintains its full-year capital expenditure guidance unchanged [1] - The bank sets a target price of 9 HKD and maintains an "outperform" rating, citing the company's robust cash flow generation and lack of significant expansionary capital expenditures as supportive of its valuation [1]