Group 1 - The core viewpoint of the article indicates that Macau's gaming revenue in December increased by 14.8% year-on-year to 20.89 billion MOP, aligning with the bank's forecast but falling short of market expectations by 3% [1] - The average daily gaming revenue for the last ten days of December was 624 million MOP, compared to 698 million MOP for the first 21 days of the month [1] - Despite potential negative sentiment from investors regarding the data, the bank remains optimistic that the continued appreciation of the RMB against the USD will support gaming revenue performance [1] Group 2 - For January, the bank forecasts a year-on-year increase in Macau's gaming revenue of 18% to 21.48 billion MOP, exceeding market expectations by 3% [1] - The bank maintains its preferred stocks as Galaxy Entertainment (00027) and MGM China (02282) [1] - The bank projects that Macau's total gaming revenue will grow by 5% year-on-year by 2026, slightly below the market expectation of 5.5%, implying an average daily gaming revenue of 709 million MOP [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Macau's gaming revenue in December increased by 14.8% year-on-year to MOP 20.89 billion, aligning with the bank's forecast but falling short of market expectations by 3% [1] Group 1: December Gaming Revenue - Macau's gaming revenue for December reached MOP 20.89 billion, reflecting a year-on-year growth of 14.8% [1] - The average daily gaming revenue for the last ten days of December was MOP 624 million, compared to MOP 698 million for the first 21 days of the month [1] Group 2: January Forecast - For January, Credit Lyonnais projects a year-on-year increase in Macau's gaming revenue of 18% to MOP 21.48 billion, which is 3% higher than market forecasts [1] Group 3: Long-term Outlook - The bank anticipates that Macau's total gaming revenue will grow by 5% year-on-year by 2026, slightly below the market expectation of 5.5%, indicating an average daily gaming revenue of MOP 709 million [1] - The continued appreciation of the Renminbi against the US dollar is expected to support gaming revenue performance [1] Group 4: Preferred Stocks - Credit Lyonnais maintains its preference for Galaxy Entertainment (00027) and MGM China (02282) as top stock picks in the sector [1]

Group 1 - The core viewpoint of the report is that Macau's gaming revenue in December increased by 14.8% year-on-year to MOP 20.89 billion, aligning with the bank's forecast but falling short of market expectations by 3% [1] - The average daily gaming revenue for the last ten days of December was MOP 624 million, compared to MOP 698 million for the first 21 days of the month [1] - Despite potential negative investor sentiment regarding the data, the bank remains optimistic that the continued appreciation of the RMB against the USD will support gaming revenue performance [1] Group 2 - For January, the bank forecasts a year-on-year growth of 18% in Macau's gaming revenue, reaching MOP 21.48 billion, which is 3% higher than market predictions [1] - The bank maintains its preferred stocks as Galaxy Entertainment and MGM China [1] - The bank projects that Macau's total gaming revenue will grow by 5% annually by 2026, slightly below the market expectation of 5.5%, indicating an average daily gaming revenue of MOP 709 million [1]

Group 1 - The core viewpoint of the article is that MGM China (02282) has finalized a new brand licensing agreement with its parent company, MGM International, which will align with MGM China's current gaming operation rights [1] - The brand licensing fee is considered to be in line with the global brand and licensing market and is positioned at a high end compared to its peers in Macau [1] - The firm has given a "Buy" rating for the company with a target price of HKD 19 [1] Group 2 - It is anticipated that, assuming other conditions remain unchanged, the increase in brand licensing fees will lead to a 6% decline in MGM China's adjusted EBITDA by 2026, and a 10% drop in net profit [1] - If the company maintains a 50% dividend payout ratio, the per-share dividend for the fiscal year 2026/27 is expected to decrease accordingly, indicating potential room for a review of the dividend policy [1]

Group 1 - The core viewpoint of the article is that MGM China (02282) has finalized a new brand licensing agreement with its parent company, MGM International, which will align with MGM China's current gaming license period [1] - The brand licensing fee is considered to be within the range of the global brand and licensing market and is positioned at a high end compared to its peers in Macau [1] - The company is rated "Buy" with a target price of HKD 19 [1] Group 2 - It is anticipated that, assuming other conditions remain unchanged, the increase in brand licensing fees will lead to a 6% decline in MGM China's adjusted EBITDA by 2026, and a 10% drop in net profit [1] - If the company maintains a 50% dividend payout ratio, the per-share dividend for the fiscal year 2026/27 is expected to decrease accordingly, indicating potential room for a review of the dividend policy [1]

Group 1 - Jefferies reports that MGM China has finalized a new brand licensing agreement with its parent company, MGM International, which will align with MGM China's current gaming license period [1] - The brand licensing fee is considered to be within the range of the global brand and licensing market and is positioned at the high end among its Macau peers [1] - Jefferies anticipates that, assuming other conditions remain unchanged, the increase in brand licensing fees will lead to a 6% decline in MGM China's adjusted EBITDA and a 10% drop in net profit for 2026 [1] Group 2 - If the company maintains a 50% dividend payout ratio, the per-share dividend for the fiscal year 2026/27 is expected to decrease accordingly, indicating potential room for a review of the dividend policy [1] - Jefferies has assigned a "Buy" rating to the company with a target price of HKD 19 [1]

Group 1 - The core viewpoint of the article is that MGM China will increase its brand licensing fee from 1.75% to 3% of monthly gross revenue starting January 2026, with a maximum duration of 20 years [1] - Despite the significant increase in licensing fees, this long-term agreement will mitigate the risk of further fee increases over the next 20 years [1] - As a result of the anticipated increase in licensing fees, Macquarie has reduced MGM China's EBITDA estimates for 2026 and 2027 by 5.1% and 4.8%, respectively [1] Group 2 - The target price for MGM China has been lowered from HKD 22.6 to HKD 21, while maintaining an "outperform" rating based on a projected EV/EBITDA multiple of 10 times for 2026 [1] - MGM China announced in March that it will increase its dividend payout ratio from 35% to at least 50%, which, under the 50% assumption, could result in a projected dividend yield of 5.4% for 2026 after stock price adjustments [1]

Group 1 - The core viewpoint of the article is that Macquarie has revised its target price for MGM China (02282) down by 7% from HKD 22.6 to HKD 21, while maintaining an "outperform" rating due to a new brand licensing agreement that will increase the monthly comprehensive revenue net from 1.75% to 3% starting January 2026, with a maximum duration of 20 years [1] - The company announced an increase in its dividend payout ratio from 35% to at least 50%, which, under the 50% assumption, could lead to a projected dividend yield of 5.4% in 2026 after stock price adjustments, indicating continued attractiveness [1] - Despite the significant increase in licensing fee expenditures, this long-term agreement is expected to mitigate the risk of further increases in licensing fees for MGM China over the next 20 years [1] Group 2 - Macquarie has adjusted its EBITDA estimates for MGM China down by 5.1% and 4.8% for the years 2026 and 2027, respectively, due to the anticipated increase in licensing fees [1] - The stock price of MGM China has declined by 17%, presenting a favorable entry point for investors [1]

Core Viewpoint - Macquarie's report indicates that MGM China (02282) will increase its brand licensing fee from 1.75% to 3% of gross revenue starting January 2026, with a maximum term of 20 years [1] Group 1: Financial Adjustments - The target price for MGM China has been reduced by 7%, from HKD 22.6 to HKD 21, while maintaining an "outperform" rating [1] - The dividend payout ratio has been raised from 35% to at least 50%, leading to an expected dividend yield of 5.4% in 2026 under the 50% assumption [1] Group 2: Risk Mitigation - Despite the significant increase in licensing fees, the long-term agreement is expected to mitigate the risk of further increases in licensing fees over the next 20 years [1] - The stock price has decreased by 17%, presenting a favorable entry point for investors [1] Group 3: EBITDA Projections - The estimated EBITDA for MGM China has been adjusted downwards by 5.1% and 4.8% for the years 2026 and 2027, respectively, due to the anticipated increase in licensing fees [1]

Group 1 - MGM China Holdings (02282.HK) experienced a decline of over 3%, following a significant drop of more than 17% the previous day [2] - As of the latest update, MGM China is trading at HKD 12.48, with a trading volume of HKD 118 million [2]