Zhi Tong Cai Jing·2025-12-31 02:35Group 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]