Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The expansion of the Wynn Palace is expected to enhance its appeal to high-end clientele, with a projected investment of USD 400-450 million for expansion and renovation projects [8][10] - The company reported a revenue of HKD 28.99 billion for 2025, reflecting a year-on-year increase of 0.9%, while the net profit attributable to the parent company was HKD 1.63 billion, down 49.0% year-on-year [6] - The adjusted EBITDA for Q4 2025 was USD 271 million, a decrease of 7.5% year-on-year, primarily due to low VIP win rates and increased operational costs [7] Financial Projections and Valuation - Revenue projections for 2026 and 2027 have been adjusted upwards by 3.9% and 3.5% to HKD 31.31 billion and HKD 32.97 billion, respectively [10] - The estimated net profit for 2026 is projected to be HKD 3.52 billion, representing a 116.1% increase year-on-year [5] - The target price for the company is set at HKD 5.90, down from a previous estimate of HKD 7.20, based on a valuation of 6.8x 2026E EV/EBITDA [10]
永利澳门：永利皇宫扩容有望强化高端客群吸引力-20260323
HTSC·2026-03-23 13:40