Citi: Raises target price for WYNN MACAU (01128) to HKD 7, ups earnings forecast, next quarters performance exceeds expectations.
Citigroup indicates that assuming the dividend per share in fiscal year 2026 remains flat at the annualized level of the second half of 2025, the expected dividend yield for Wynn Macau will still reach an industry-high of approximately 7.9%.
Citigroup released a report stating that WYNN MACAU (01128) performed better than expected in the second quarter, with adjusted property EBITDA rising 17% year-on-year to $297 million, compared to the bank's forecast of $270 million and the market expectation of $280 million. Management also indicated that dividends are the cornerstone of their capital return policy. Citigroup noted that assuming the dividend per share for fiscal year 2026 remains at the annualized level of the second half of 2025, the expected dividend yield for WYNN MACAU will still reach the industry's highest at around 7.9%. Considering the better-than-expected performance in the second quarter, Citigroup raised its earnings forecasts for WYNN MACAU for 2026 to 2028 by 4% to 15%, increasing the target price from HKD 6.8 to HKD 7, while maintaining a "Buy" rating.
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