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Wynn Macau, Limited (1128) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$26.5B

WM Wynn Macau, Limited 1128 · HK
PriceHK$5.76
Fair ValueHK$6.84
Upside+18.9%
Quality55/100
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Healthy Growth
Thin margins · 5.6% net margin
Negative equity (buybacks among others) · generates free cash flow
8.05% dividend yield
Ranks above peers (12/14)
Narrow moat 41/100
Evidence: High Range HK$4.73 – HK$9.67 Share as image

Fair value as of: Aug 13, 2026

From 21 valuation models · updated 3 days ago

Share price +11.5% over the past month.

A solid business, screening 19% undervalued on our models.

What matters now

  • A fairly wide model range (HK$4.73 to HK$9.67) leaves room in how you read the outcome.
  • Our model range runs from HK$4.73 (bear) to HK$9.67 (bull), base HK$6.84. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 55/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

HK$13.69 HK$2.69 Fair Value HK$6.84 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$2.69 – HK$13.69 · fair‑value band HK$4.73 – HK$9.67 · the HK$5.76 price screens below the HK$6.84 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Wynn Macau, Limited (1128) currently trades at HK$5.76, while our model-based Fair Value estimate is HK$6.84, implying the stock looks roughly 18.9% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Wynn Macau, Limited generated revenue of HK$29.0B at a net margin of 5.6%. Revenue grew 9.7% year over year. Net debt stands at HK$38.0B. The stock trades on a trailing P/E of 16.3 (as of Jul 2, 2026). Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$4.73 (bear case) to HK$9.67 (bull case); at HK$5.76, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 18% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 8% fair-value upside, at 19%, 1128 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$7.90 HK$22.47 HK$45.36 80
Rev-Margin DCF HK$1.31 HK$6.31 HK$13.25 74
ROIC Compounder HK$2.40 HK$6.14 HK$11.37 72
All 21 models by family
DCF Models
FCF DCF HK$8.28 HK$21.04 HK$52.00 38
Owner Earnings HK$5.46 HK$16.92 31
5Y Revenue Exit HK$1.31 HK$6.36 HK$13.18 39
5Y EBITDA Exit HK$5.96 HK$16.62 HK$30.59 41
5Y P/E Exit HK$1.42 HK$6.59 HK$12.62 38
10Y Revenue Exit HK$3.26 HK$9.11 HK$18.23 36
10Y EBITDA Exit HK$6.61 HK$16.93 HK$33.82 37
10Y P/E Exit HK$3.51 HK$9.28 HK$17.72 35
Earnings-Based
Graham-Dodd HK$2.12 HK$12.20 HK$16.97 54
Lynch FV HK$3.44 HK$4.92 HK$6.39 50
PEG = 1.0 HK$3.44 HK$4.92 HK$6.39 46
EPV HK$0.9500 HK$2.17 HK$3.25 59
Multiples
P/E Multiple HK$5.13 HK$6.84 HK$8.56 63
P/S Multiple HK$3.97 HK$5.29 HK$6.61 58
EV/EBIT HK$5.18 HK$9.04 HK$12.91 53
EV/EBITDA HK$5.57 HK$9.57 HK$13.57 54
EV/Revenue HK$0.2200 HK$2.22 43
Growth DCF
Growth DCF HK$7.90 HK$22.47 HK$45.36 80
Rev-Margin DCF HK$1.31 HK$6.31 HK$13.25 74
Economic Profit
ROIC Compounder HK$2.40 HK$6.14 HK$11.37 72
Growth Earnings
Growth-Adj P/E HK$5.21 HK$7.44 HK$9.67 68

Widest divergence: DCF Models (HK$9.11) versus Earnings-Based (HK$4.92). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$29.0B
Revenue growth (YoY) +9.7%
Net margin 5.6%
Free cash flow HK$5.4B FY2025
P/E ratio 16.3 as of Jul 2, 2026
Operating margin 16.8%
More key figures
EPS (TTM) HK$0.2500
Dividend yield 8.1%
EPS growth (YoY) -1.4%
Net debt HK$38.0B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 54 · Market factors (momentum, volatility) 45

Profitability 43
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 90
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Wynn Macau, Limited owns, develops, and operates integrated destination casino resorts in the People's Republic of China. The company operates through two segments, Wynn Palace and Wynn Macau.

Full company description

Wynn Macau, Limited owns, develops, and operates integrated destination casino resorts in the People's Republic of China. The company operates through two segments, Wynn Palace and Wynn Macau. It offers table games and slot machines or similar gaming devices; 24-hour gaming services; a range of games comprising private gaming salons and sky casinos; a hotel with rooms, suites, and villas; operates food and beverage outlets; a food hall, which includes a variety of stand-alone restaurants and other food offerings; brand-name retail shopping arenas; recreation and leisure facilities, including a cable car ride through SkyCab, health club, spa, salon, and pool; and a meeting and convention spaces. The company also provides poker pit games and public entertainment attractions, including a performance lake and rotunda show featuring a Chinese zodiac-inspired ceiling along with gold tree of prosperity. In addition, it is involved in the development, design, and preconstruction activities and offers technical consultancy, administrative, and management and support services. The company was incorporated in 2009 and is headquartered in Macau. Wynn Macau, Limited operates as a subsidiary of WM Cayman Holdings Limited I.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Wynn Macau, Limited reported revenue of HK$29.0B in FY2025 versus HK$11.7B in FY2021, a compound +25.4%/yr. Reported net income was HK$1.6B in FY2025.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$29.0B
Latest YoY
+0.9%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+72.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+30.7%
Avg. growth/yr (19Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.3%
Revenue +25.4%/yr
FY21 HK$11.7B
FY22 HK$5.6B
FY23 HK$24.3B
FY24 HK$28.7B
FY25 HK$29.0B
Net income
FY21 −HK$5.2B
FY22 −HK$7.3B
FY23 HK$1.2B
FY24 HK$3.2B
FY25 HK$1.6B
Character of growth · EPS growth decomposed (2014-2025) −6.5 % p.a.
Revenue per share +1.0 pp

of which total revenue +1.7 pp · buybacks/dilution −0.7 pp

EBIT margin −0.6 pp
Tax rate −0.2 pp
Residual (interest, one-offs) −6.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Wynn Macau, Limited Fair Value". https://www.fairvalue-calculator.com/stock/1128

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Resorts & Casinos · 75 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Above median
Fair Value upside +19% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 6% · Above median
Operating margin (TTM) 17% · Above median
Revenue growth 10% · Above median
Dividend yield (TTM) 8.1% · Top 25%

Valuation Multiples vs Resorts & Casinos median · lower = cheaper

P/E (TTM) 16.3× · Cheaper than median
P/S (TTM) 0.91× · Cheaper than median
P/FCF 0.6× · Cheaper than median
EV/EBITDA 8.6× · Pricier than median
PEG 0.41× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 59 · sector 26
FUTURE 49 · sector 32
PAST 0 · sector 20
HEALTH 100 · sector 84
DIVIDEND 100 · sector 53

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Gambling

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Resorts & Casinos stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Las Vegas Sands Corp LVS $45.68 $51.60 +13%
Galaxy Entertainment Group 0027 HK$34.20 HK$40.46 +18%
Sands China Ltd 1928 HK$14.34 HK$2.05 -86%
MGM Resorts International, through its subsidiaries, MGM $43.98 $17.73 -60%
Wynn Resorts, Limited WYNN $102.97 $69.39 -33%
Red Rock Resorts, Inc RRR $63.09 $18.01 -71%
Boyd Gaming Corporation BYD $82.98 $151.24 +82%
Caesars Entertainment, Inc CZR $29.74 $80.92 +172%
Genting Singapore Limited G13 0.6400 SGD 0.6900 SGD +8%
Vail Resorts, Inc MTN $148.36 $132.94 -10%

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Frequently asked questions

Is Wynn Macau, Limited (1128) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$6.84 versus a price of HK$5.76, about +19% (undervalued).
What is the fair value of 1128?
Our model-based fair value for Wynn Macau, Limited is HK$6.84 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$5.76.
What is the quality score of 1128?
Wynn Macau, Limited has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Wynn Macau, Limited (1128)?
Wynn Macau, Limited reported trailing-twelve-month revenue of about HK$29.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1128?
The net profit margin of Wynn Macau, Limited is about 5.6%, meaning it keeps roughly 5.6% of revenue as net income. Based on the latest reported figures.
Does Wynn Macau, Limited pay a dividend?
Wynn Macau, Limited currently shows a dividend yield of about 8.05% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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