Morgan Stanley: Expects Macau's third-quarter gaming revenue to increase by 12.5% year-on-year, bullish on Wynn Macau (01128).
Currently, the industry's EV/EBITDA forecast for this year is 10 times, lower than the 15-year average of 12.8 times, which is expected to help Macau gaming stocks outperform the market.
Morgan Stanley's research report predicts that Macau's third quarter casino industry EBITDA will increase by 9% year-on-year, and casino revenue will increase by 12.5%. However, it is expected that the overall EBITDA profit margin will decrease year-on-year and quarter-on-quarter. Morgan Stanley is bullish on Wynn Macau (01128) due to its market share improvement, high revenue, and attractive valuation. In addition, Morgan Stanley expects that Macau's fourth quarter casino revenue will increase by more than 10% year-on-year. Currently, the industry's EV/EBITDA forecast for this year is 10 times, lower than the 15-year average of 12.8 times, which is expected to help Macau casino stocks outperform the broader market.
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