Wynn Macau (01128) fell more than 3% in mid-session, reaching a new low of HKD 5.29 since the end of November 2022. As of the press time, it fell 2.38% to HKD 5.33 and the turnover was HKD 68.164 million.
According to the Wisdom Finance APP, Wynn Macau (01128) fell more than 3% in mid-session, reaching a new low of HKD 5.29 since the end of November 2022. As of the press time, it fell 2.38% to HKD 5.33 and the turnover was HKD 68.164 million.
On the news side, Wynn Macau released its Q2 results yesterday, with a net income of $0.885 billion, up 15% year-on-year but down 11% quarter-on-quarter; adjusted property EBITDA was $0.28 billion, up 14% year-on-year but down 17% quarter-on-quarter. CICC believes that Wynn Macau's performance is mainly due to being occupied by Galaxy and SJM Holdings' new properties, while the market share of Wynn Palace and Wynn Macau's gambling revenue has declined.
Morgan Stanley said that even if Wynn Macau effectively controls operating expenses and invests in advertising resources, its Q2 property EBITDA of $0.28 billion was lower than the bank's and market expectations, mainly due to the decline in mid-rows and non-gambling games. The bank pointed out that since July, the group's market share in Q2 has rebounded, and management's overall outlook is still optimistic, but the bank believes that the first reaction to its Q2 performance is still a mild negative impact.