HK Stock Market Move | WYNN MACAU (01128) fell more than 4% in the afternoon. Morgan Stanley said that the company's capital expenditure would put pressure on cash flow and dividends.

WYNN MACAU (01128) fell over 4% in the afternoon, with a drop of 4.16% to HK$5.53 at the time of publication, with a trading volume of 51.004 million Hong Kong dollars. On the news front, Sands China previously announced its annual performance, with a net income total of $7.08 billion, up 8.4% year-on-year; net profit recorded $1.045 billion, a 51% increase year-on-year; and earnings per share of 12.91 cents. The final dividend is 25 Hong Kong cents per share. It is reported that this is the first time Sands China has announced a dividend since April 2020. Morgan Stanley issued a research report, predicting that WYNN MACAU's capital expenditure on non-gaming businesses in 2025 and 2026 will account for approximately 30% and approximately 50% of EBITDA, respectively, putting pressure on equity free cash flow and dividend returns. In addition, they forecast a 20-basis-point decline in market share to 12.1% this year. The bank believes that WYNN MACAU will lag behind its peers in market share, equity free cash flow, and dividend potential.