Ge Long Hui·2025-12-31 02:49Group 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]