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Macau casino stocks rose, with Wynn Macau (01128) up 2.52%. Total consumer spending by tourists in the first three quarters increased by 8% annually. However, Goldman Sachs believes that Macau's gambling revenue growth will slow down in the future.
Kin Wu Financial News | Macau casino stocks collectively rise, Wynn Macau (01128) up by 2.52%, Paradise Ent (01180) up by 2.2%, Melco Int'l Dev (00200) up by 1.76%, Sands China (01928) up by 1.66%, MGM China (02282) up by 1.37%. According to statistics from the Macau Special Administrative Region government's Statistics and Census Service, total consumer spending by tourists in the first three quarters of 2024 increased by 8% year-on-year to 56.21 billion Macau patacas, mainly driven by a significant 30.1% growth in tourist arrivals in the first three quarters compared to the same period last year. Among these, total consumer spending by overnight tourists and non-overnight tourists
[Brokerage Focus] Soochow Securities (Hong Kong) maintains a 'buy' rating on Wynn Macau (01128), indicating that its third-quarter performance is below expectations.
King's Financial News | Soochow Securities (Hong Kong) issued a research report, stating that wynn macau (01128) 3Q24 performance fell short of expectations, achieving operating income of 0.87 billion US dollars during the period (lower than the consensus expected 0.89 billion US dollars), recovering to 81.2% of the same period in 2019; The company's adjusted property EBITDAR for 3Q24 was 0.26 billion US dollars, a decrease of 6.2% compared to the previous quarter, recovering to 87.3% of 2019, with profit recovery speed faster than revenue recovery speed. The bank pointed out that 3Q24 achieved a gaming revenue of 0.88 billion US dollars, recovering 70.4% from the same period in 2019. Among them, VIP/mass market (including slot machines) revenue
Hong Kong stock announcement: Yuexiu Property's subsidiary successfully won the Gondudu Temple site in Haidian District, Peking with 6.3825 billion yuan.
Guoquan (02517) plans to repurchase H股 using up to 0.1 billion Hong Kong dollars.
Wynn Macau Downgraded to Hold From Buy at HSBC
Daiwa: Wynn Macau rated as "shareholding", with a target price of 8 Hong Kong dollars.
Morgan Stanley released a research report stating that Wynn Macau (01128) underperformed expectations in the third quarter, with property EBITDA at 0.263 billion US dollars, a 6% quarterly decrease, lower than the bank's and market expectations. This was due to a mere 10 basis points increase in market share and an 8% quarterly drop in retail rents. However, management noted a 30% year-on-year increase in Golden Week betting volumes, and the bank believes the current company valuation is attractive, with a target price of 8 Hong Kong dollars and a 'shareholding' rating.
Daiwa: Recommends to "shareholding" rating for Wynn Macau (01128), with a target price of 8 Hong Kong dollars.
Da Ma believes that wynn macau is currently attractively valued.
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