Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Non-Executive Director Jacqui Krum was the last director to join the board, commencing their role in 2026. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 28
Wynn Macau, Limited Approves Final Dividend for the Year Ended 31 December 2025 Wynn Macau, Limited announced at annual general meeting held on 28 May 2026, the shareholders approved final dividend of HKD 0.223 per share for the year ended 31 December 2025. Upcoming Dividend • May 26
Upcoming dividend of HK$0.22 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 16 June 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.0%. Within top quartile of Hong Kong dividend payers (6.9%). Higher than average of industry peers (4.6%). Major Estimate Revision • May 17
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from HK$0.49 to HK$0.542. Revenue forecast steady at HK$31.3b. Net income forecast to grow 53% next year vs 33% growth forecast for Hospitality industry in Hong Kong. Consensus price target broadly unchanged at HK$7.10. Share price fell 2.2% to HK$5.70 over the past week. Announcement • Apr 24
Wynn Macau, Limited, Annual General Meeting, May 28, 2026 Wynn Macau, Limited, Annual General Meeting, May 28, 2026, at 12:15 China Standard Time. Location: wynn palace, avenida da nave desportiva, cotai, macau sar., Macau Declared Dividend • Mar 23
Final dividend increased to HK$0.22 Dividend of HK$0.22 is 21% higher than last year. Ex-date: 1st June 2026 Payment date: 16th June 2026 Dividend yield will be 7.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 72% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.6% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Negative equity (-HK$13b). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.6% net profit margin). Reported Earnings • Mar 22
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: HK$0.31 (down from HK$0.61 in FY 2024). Revenue: HK$29.0b (flat on FY 2024). Net income: HK$1.63b (down 49% from FY 2024). Profit margin: 5.6% (down from 11% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Mar 10
Wynn Macau, Limited to Report Fiscal Year 2025 Results on Mar 20, 2026 Wynn Macau, Limited announced that they will report fiscal year 2025 results at 4:00 PM, China Standard Time on Mar 20, 2026 Announcement • Jan 10
Wynn Resorts Limited Announces Retirement of Julie Cameron-Doe as Non-Executive Director of Wynn Macau, Limited, Effective Mid-2026 Wynn Resorts announced Ms. Julie Cameron-Doe has elected to retire in mid-2026 but will continue to serve as a consultant to the Company and as a Non-Executive Director of Wynn Macau, Limited. Ms. Cameron-Doe has been the Chief Financial Officer of Wynn Resorts since April 2022. She helped to lead the Company’s expansion into Europe with the acquisition and successful integration of Wynn Mayfair, in London. She played a key role in Wynn Resorts’ expansion into the Middle East, including securing financing for the Company’s $5.1 billionWynn Al Marjan Island, in Ras Al Khaimah, United Arab Emirates. In addition to her work at Wynn Resorts, she is a Non-Executive Director of the Western Union Company. Board Change • Jan 03
Less than half of directors are independent Following Non-Executive Director Jacqui Krum's arrival on 01 January 2026, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Leah Dawn Ye was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 10
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from HK$0.444 to HK$0.501. Revenue forecast steady at HK$29.1b. Net income forecast to grow 64% next year vs 28% growth forecast for Hospitality industry in Hong Kong. Consensus price target broadly unchanged at HK$7.85. Share price was steady at HK$6.69 over the past week. Reported Earnings • Aug 23
First half 2025 earnings released: EPS: HK$0.044 (vs HK$0.30 in 1H 2024) First half 2025 results: EPS: HK$0.044 (down from HK$0.30 in 1H 2024). Revenue: HK$13.6b (down 7.5% from 1H 2024). Net income: HK$230.6m (down 86% from 1H 2024). Profit margin: 1.7% (down from 11% in 1H 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Aug 22
Wynn Macau, Limited Declares Interim Dividend for the Six Months Ended 30 June 2025, Payable on 17 September 2025 Wynn Macau, Limited announced on 20 August 2025, the Board declared an interim dividend of HKD 0.185 per Share for the six months ended 30 June 2025, payable to Shareholders whose names appear on the register of members of the Company on 8 September 2025. For the purpose of determining the identity of members who are entitled to the interim dividend, the register of members of the Company will be closed from 4 September 2025 to 8 September 2025 (both days inclusive) during which period no transfer of Shares will be effected. The interim dividend is expected to be paid on 17 September 2025. Declared Dividend • Aug 22
First half dividend of HK$0.18 announced Shareholders will receive a dividend of HK$0.18. Ex-date: 2nd September 2025 Payment date: 17th September 2025 Dividend yield will be 5.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 76% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 08
Wynn Macau, Limited to Report First Half, 2025 Results on Aug 20, 2025 Wynn Macau, Limited announced that they will report first half, 2025 results on Aug 20, 2025 Recent Insider Transactions • Jul 17
COO & Executive Director recently sold HK$5.5m worth of stock On the 15th of July, Jean-Luc Luvisutto sold around 850k shares on-market at roughly HK$6.43 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth HK$11m. Jean-Luc has been a net seller over the last 12 months, reducing personal holdings by HK$21m. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$6.32, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Hospitality industry in Hong Kong. Total returns to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$10.21 per share. Announcement • May 23
Wynn Macau, Limited Approves Final Dividend for Year Ended 31 December 2024 Wynn Macau, Limited in its Annual General Meeting held on 23 May 2025 approved to declare a final dividend of HKD 0.185 per share for the year ended 31 December 2024. Recent Insider Transactions • May 21
COO & Executive Director recently sold HK$11m worth of stock On the 19th of May, Jean-Luc Luvisutto sold around 2m shares on-market at roughly HK$5.42 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jean-Luc has been a net seller over the last 12 months, reducing personal holdings by HK$16m. Upcoming Dividend • May 20
Upcoming dividend of HK$0.18 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 11 June 2025. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 6.8%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (3.4%). Reported Earnings • Apr 30
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: HK$0.61 (up from HK$0.23 in FY 2023). Revenue: HK$28.7b (up 18% from FY 2023). Net income: HK$3.20b (up 173% from FY 2023). Profit margin: 11% (up from 4.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Apr 17
Wynn Macau, Limited, Annual General Meeting, May 23, 2025 Wynn Macau, Limited, Annual General Meeting, May 23, 2025, at 12:15 China Standard Time. Location: wynn palace meeting rooms at wynn palace, avenida da nave desportiva, cotai, Macau Recent Insider Transactions • Apr 10
COO & Executive Director recently sold HK$4.8m worth of stock On the 1st of April, Jean-Luc Luvisutto sold around 855k shares on-market at roughly HK$5.64 per share. This transaction amounted to 8.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jean-Luc has been a net seller over the last 12 months, reducing personal holdings by HK$14m. Announcement • Mar 17
Wynn Macau, Limited to Report Q4, 2024 Results on Mar 27, 2025 Wynn Macau, Limited announced that they will report Q4, 2024 results on Mar 27, 2025 Announcement • Jan 10
Wynn Macau, Limited Announces Change of Address of Principal Place of Business in Hong Kong The board of directors of Wynn Macau, Limited announced that with effect from 10 January 2025, the address of the principal place of business in Hong Kong of the Company will change to Room 1928, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong. Major Estimate Revision • Nov 06
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from HK$29.2b to HK$28.7b. EPS estimate also fell from HK$0.534 per share to HK$0.479 per share. Net income forecast to grow 8.9% next year vs 37% growth forecast for Hospitality industry in Hong Kong. Consensus price target down from HK$8.57 to HK$8.39. Share price fell 7.2% to HK$5.81 over the past week. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$6.30, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Hospitality industry in Hong Kong. Total loss to shareholders of 1.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$12.26 per share. Upcoming Dividend • Aug 21
Upcoming dividend of HK$0.075 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 12 September 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Hong Kong dividend payers (8.2%). Lower than average of industry peers (4.0%). Reported Earnings • Aug 17
First half 2024 earnings released First half 2024 results: EPS: HK$0.30. Revenue: HK$14.7b (up 37% from 1H 2023). Net income: HK$1.59b (up HK$1.51b from 1H 2023). Profit margin: 11% (up from 0.8% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Aug 15
Wynn Macau, Limited Announces Declaration of Interim Dividend for the Six Months Ended 30 June 2024, Expected to Be Paid on 12 September 2024 Wynn Macau, Limited announced that on 15 August 2024, the Board resolved to declare an interim dividend of HKD 0.075 per Share to be paid in respect of the six months ended 30 June 2024. The interim dividend is expected to be paid on 12 September 2024. Announcement • Aug 05
Wynn Macau, Limited to Report First Half, 2024 Results on Aug 15, 2024 Wynn Macau, Limited announced that they will report first half, 2024 results on Aug 15, 2024 Upcoming Dividend • May 27
Upcoming dividend of HK$0.075 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 19 June 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Hong Kong dividend payers (7.6%). Lower than average of industry peers (3.3%). Price Target Changed • May 15
Price target increased by 7.6% to HK$9.99 Up from HK$9.29, the current price target is an average from 14 analysts. New target price is 22% above last closing price of HK$8.16. Stock is up 14% over the past year. The company is forecast to post earnings per share of HK$0.59 for next year compared to HK$0.22 last year. Reported Earnings • Apr 30
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: HK$0.23 (up from HK$1.41 loss in FY 2022). Revenue: HK$24.3b (up 330% from FY 2022). Net income: HK$1.17b (up HK$8.51b from FY 2022). Profit margin: 4.8% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 56%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Apr 28
Wynn Macau, Limited, Annual General Meeting, May 30, 2024 Wynn Macau, Limited, Annual General Meeting, May 30, 2024, at 12:15 China Standard Time. Location: the Wynn Palace Meeting Rooms at Wynn Palace, Avenida da Nave Desportiva, Cotai, Macau SAR Macau China Agenda: To receive and adopt the audited consolidated financial statements of the Company and its subsidiaries and the reports of the directors and auditors of the Company for the year ended 31 December 2023; to declare a final dividend of HK$0.075 per share for the year ended 31 December 2023; to re-elect the directors; to authorize the board of directors of the Company to fix the respective directors' remuneration; To re-appoint Ernst & Young as auditors of the Company and to authorize the board of directors of the Company to fix the auditors' remuneration for the ensuing year; and to consider other matters if any. Recent Insider Transactions • Apr 20
COO & Executive Director recently sold HK$9.3m worth of stock On the 12th of April, Frederic Luvisutto sold around 1m shares on-market at roughly HK$7.78 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Frederic has been a net seller over the last 12 months, reducing personal holdings by HK$21m. Reported Earnings • Mar 22
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: HK$0.22 (up from HK$1.41 loss in FY 2022). Revenue: HK$24.3b (up 330% from FY 2022). Net income: HK$1.17b (up HK$8.51b from FY 2022). Profit margin: 4.8% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 56%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Announcement • Mar 22
Wynn Macau, Limited Recommends Payment of A Final Dividend in Respect of the Year Ended 31 December 2023, Payable on 19 June 2024 Wynn Macau, Limited announced that it has recommended the payment of a final dividend of HKD 0.075 per Share in respect of the year ended 31 December 2023, which is subject to Shareholders' approval of the final dividend at the forthcoming annual general meeting, the register of members of the Company will be closed from 5 June 2024 to 7 June 2024 (both dates inclusive) during which period no transfer of Shares will be registered and the final dividend is expected to be paid on 19 June 2024. Shareholders registered under the Hong Kong branch register of members as of 7 June 2024 will be entitled to the dividend. All dividends will be paid in Hong Kong dollars. In order to determine the identity of the Shareholders who are entitled to the final dividend, all transfers accompanied by the relevant share certificates must be lodged with the Company's share registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, at Shops 1712 1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, not later than 4:30 p.m. on 4 June 2024. Announcement • Mar 12
Wynn Macau, Limited to Report Fiscal Year 2023 Results on Mar 21, 2024 Wynn Macau, Limited announced that they will report fiscal year 2023 results on Mar 21, 2024 Price Target Changed • Jan 27
Price target decreased by 11% to HK$8.80 Down from HK$9.89, the current price target is an average from 13 analysts. New target price is 40% above last closing price of HK$6.29. Stock is down 35% over the past year. The company is forecast to post earnings per share of US$0.015 next year compared to a net loss per share of US$0.18 last year. Reported Earnings • Nov 13
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$819.8m (up US$704.2m from 3Q 2022). Net loss: US$6.16m (loss narrowed 98% from 3Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Hospitality industry in Hong Kong. Buying Opportunity • Nov 12
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be HK$7.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 9.8%. Recent Insider Transactions • Sep 14
COO & Executive Director recently sold HK$6.3m worth of stock On the 11th of September, Frederic Luvisutto sold around 854k shares on-market at roughly HK$7.32 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Frederic has been a net seller over the last 12 months, reducing personal holdings by HK$15m. Reported Earnings • Sep 06
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: HK$6.04b (up HK$5.13b from 2Q 2022). Net income: HK$477.6m (up HK$2.60b from 2Q 2022). Profit margin: 7.9% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Buying Opportunity • Aug 21
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be HK$8.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 26%. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: US$769.9m (up US$654.4m from 2Q 2022). Net income: US$61.0m (up US$331.0m from 2Q 2022). Profit margin: 7.9% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Aug 08
Wynn Macau, Limited to Report Q2, 2023 Results on Aug 17, 2023 Wynn Macau, Limited announced that they will report Q2, 2023 results on Aug 17, 2023 Buying Opportunity • Aug 02
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be HK$9.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 43% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Jul 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be HK$9.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 43% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Jun 22
COO & Executive Director recently sold HK$5.6m worth of stock On the 19th of June, Frederic Luvisutto sold around 734k shares on-market at roughly HK$7.57 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Frederic has been a net seller over the last 12 months, reducing personal holdings by HK$9.0m. Announcement • May 26
Wynn Macau, Limited Announces Board Changes Wynn Macau, Limited announced the appointment of Mr. Ian Michael Coughlan as a non-executive Director of the Company will end on 25 May 2023. Mr. Coughlan will serve as an advisor to the Company through the end of 2023; and Ms. Julie Mireille Cameron-Doe will be appointed as a non-executive Director of the Company with effect from 26 May 2023. Ms. Julie Mireille Cameron-Doe, aged 53, has been the Chief Financial Officer of Wynn Resorts, Limited since April 2022. With effect from 26 May 2023, Ms. Cameron-Doe will become a non- executive Director of the Company. Prior to joining Wynn Resorts, Limited, Ms. Cameron-Doe served as Chief Financial Officer at Aristocrat Leisure Limited a public company listed on the Australian Stock Exchange from February 2018 to April 2022. From August 2013 to January 2018, Ms. Cameron-Doe held senior finance roles at Aristocrat Leisure Limited in Australia. Ms. Cameron-Doe graduated with a Bachelor of Arts in Economics from the University of Durham in the United Kingdom. Ms. Cameron-Doe is a Fellow of the Institute of Chartered Accountants of England and Wales. Major Estimate Revision • May 19
Consensus EPS estimates upgraded to HK$0.035 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -HK$0.076 per share to -HK$0.035 per share. Revenue forecast reaffirmed at HK$21.4b. Hospitality industry in Hong Kong expected to see average net income growth of 162% next year. Consensus price target broadly unchanged at HK$10.58. Share price fell 4.6% to HK$7.04 over the past week. Reported Earnings • May 11
First quarter 2023 earnings released First quarter 2023 results: Revenue: US$600.1m (up 101% from 1Q 2022). Net loss: US$49.8m (loss narrowed 74% from 1Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: HK$1.41 loss per share (further deteriorated from HK$1.00 loss in FY 2021). Revenue: HK$5.64b (down 52% from FY 2021). Net loss: HK$7.34b (loss widened 42% from FY 2021). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Hospitality industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 07
Price target increased by 7.0% to HK$10.49 Up from HK$9.81, the current price target is an average from 16 analysts. New target price is 38% above last closing price of HK$7.59. Stock is up 25% over the past year. The company is forecast to post a net loss per share of US$0.17 next year compared to a net loss per share of US$0.13 last year. Reported Earnings • Feb 10
Full year 2022 earnings released Full year 2022 results: Revenue: US$190.3m (down 87% from FY 2021). Net loss: US$235.8m (loss narrowed 65% from FY 2021). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 32% growth forecast for the Hospitality industry in Hong Kong. Price Target Changed • Jan 10
Price target increased to HK$8.33 Up from HK$7.42, the current price target is an average from 16 analysts. New target price is 17% below last closing price of HK$9.98. Stock is up 60% over the past year. The company is forecast to post a net loss per share of US$0.17 next year compared to a net loss per share of US$0.13 last year. Price Target Changed • Dec 08
Price target increased to HK$7.62 Up from HK$7.03, the current price target is an average from 15 analysts. New target price is 20% below last closing price of HK$9.51. Stock is up 43% over the past year. The company is forecast to post a net loss per share of US$0.17 next year compared to a net loss per share of US$0.13 last year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. COO & Executive Director Frederic Luvisutto was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Sep 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from HK$7.24b to HK$7.99b. EPS estimate fell from -HK$1.21 to -HK$1.49 per share. Hospitality industry in Hong Kong expected to see average net income growth of 147% next year. Consensus price target broadly unchanged at HK$7.27. Share price was steady at HK$4.64 over the past week. Major Estimate Revision • Aug 18
Consensus revenue estimates fall by 29% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from HK$10.2b to HK$7.26b. Forecast losses increased from -HK$1.04 to -HK$1.19 per share. Hospitality industry in Hong Kong expected to see average net income growth of 27% next year. Consensus price target broadly unchanged at HK$7.32. Share price fell 3.9% to HK$4.67 over the past week. Reported Earnings • Aug 12
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: HK$906.4m (down 74% from 2Q 2021). Net loss: HK$2.12b (loss widened 134% from 2Q 2021). Over the next year, revenue is forecast to grow 70%, compared to a 9.5% growth forecast for the industry in Hong Kong. Major Estimate Revision • Jul 21
Consensus revenue estimates fall by 14% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$11.8b to US$10.2b. Forecast losses increased from -US$0.96 to -US$1.04 per share. Hospitality industry in Hong Kong expected to see average net income growth of 37% next year. Consensus price target broadly unchanged at HK$7.43. Share price was steady at HK$5.00 over the past week.