报告名称：Wynn Macau(01128.HK)Our thoughts on preliminary 4Q15 results (+ve); affirm OW wi
报告类型：港股研究
报告日期：2016-01-17
研究机构：摩根大通银行
股票名称：永利澳门
股票代码：01128
页数：13
简介：Unexpectedly Wynn announced ‘preliminary’ 4Q15 results on Friday night (viaits parent Wynn Resorts (WYNN.O, US$51.50, rated OW by US Analyst JosephGreff). Whilst in line with JPMe, we think the result was meaningfully betterthan what the market recently feared, showing its ability to drive highermargins in this tough operating environment. We view the recent correction (-40%in the past three months, vs. HSI's -15%) as overly discounting China macro risks(namely stricter capital control and RMB devaluation), which created anopportunity to buy its substantial growth option and best-in-class management atan attractive valuation. The stock is at 12x 2016E EBITDA, or 9x on 2017E, andwe affirm our OW with a HK$10.5 PT (45% upside potential).

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