Fly Into Guangzhou, Fly Out of Macau?

I am eligible for TWOV, but wish to visit Macau. Can I fly into Guangzhou, take the train to Macau, then fly out from Macau to my third country?

I assume that TWOV in Guangdong does not allow a visit to either Hong Kong or Macau, followed by a return to Guangdong? While I might be admitted to the SAR, I would not be admitted back into China on TWOV, correct?