JP Morgan: WYNN MACAU (01128) quarterly results without surprises, valuation attractive, maintain "overweight" rating.

J.P. Morgan released a research report stating that the announcement of WYNN MACAU's performance had no significant impact. Based on its attractive valuation (8 times enterprise value multiple, 9 times P/E ratio, free cash flow yield of over 15%, and dividend yield of 6%), especially considering its asset quality, the bank maintains a "overweight" rating on WYNN MACAU with a target price of HK$8. WYNN MACAU's fourth quarter performance in 2025 met the bank's expectations, with EBITDA adjusted for win rate at $287 million, roughly in line with the previous quarter. This is comparable to J.P. Morgan's forecast of $285 million, and the market share is also in line with expectations. The bank mentioned that there was not much additional information provided during the performance conference call, except expressing confidence in the Lunar New Year as expected, in line with industry peers.