智通财经网·2025-11-07 08:04Core Insights - The report from Credit Lyonnais indicates that Wynn Macau (01128) achieved a 17% year-on-year increase in property EBITDA for Q3, reaching 2.405 billion HKD, 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 target price is set at 9 HKD, maintaining an "outperform" rating, with the belief that the company has robust cash flow generation due to the absence of significant expansionary capital expenditures, which supports its valuation [1] Financial Performance - The contribution from the VIP gaming room's win rate was a positive 179 million HKD to EBITDA, which largely offset the additional operating expenses of 195 million HKD caused by Typhoon Haikui [1] - The company has maintained its full-year capital expenditure guidance unchanged [1]