Zhi Tong Cai Jing·2025-12-31 06:14Group 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]