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<Research>Citi Cuts WYNN MACAU (01128.HK) TP to $8.3 as 3Q Results Slightly Miss
Recommend 6 Positive 11 Negative 3 |
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WYNN MACAU (01128.HK)'s 3Q24 results slightly missed expectations, with unsurprising GGR market share of about 12.6%, but non-gaming revenue (especially retail) was disappointing, Citi Research issued a research report saying. Revenue for the period grew 6% YoY to US$872 million, while adjusted property EBITDA improved 3% YoY to US$263 million, implying an nearly 87% recovery in EBITDA from 3Q19, slightly missing the estimations of the broker/ the market of US$275 million/ US$280 million. In addition, Citi Research kept rating at Buy on WYNN MACAU, but cut its target price from $8.6 to $8.3. AAStocks Financial News |
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