智通财经网·2025-12-30 03:59Group 1 - The core viewpoint of the article is that MGM China (02282) will increase its royalty fee rate to 3.5% starting in 2026, which is higher than Wynn Macau's 3% and Sands China's 1.5% [1] - The target price for MGM China has been lowered from HKD 22.6 to HKD 20.9, while maintaining an "outperform" rating [1] - The preferred companies in the industry are Galaxy Entertainment (00027) and MGM China due to their strong cash flow and balance sheets, allowing for immediate dividend increases [1] Group 2 - The adjustment in royalty fees is not expected to impact MGM China's property EBITDA, but the adjusted EBITDA forecasts for 2026 and 2027 have been reduced by 6.3% to 6.7% [1] - The expected dividend payout ratio remains at 50%, with projected dividends of HKD 0.71 and HKD 0.81 for 2026 and 2027, respectively [1]