大行评级｜高盛：美高梅中国近期股价调整过度 维持“买入”评级

Core Viewpoint - Goldman Sachs estimates that MGM China will experience an approximately 6% to 7% impact on EBITDA due to additional royalty fees paid to its parent company, leading to a downward revision of profit forecasts by about 13% to 14% [1] Financial Impact - The expected reduction in profit forecasts may result in a decrease in the dividend per share if the company maintains a payout ratio of around 50% [1] - Following the announcement regarding the royalty fees, MGM China's stock price fell by approximately 19% [1] Valuation - The current valuation level has dropped to a forecasted price-to-earnings ratio of about 8 times for the fiscal year 2026, compared to the industry average of 11 to 12 times [1] - Goldman Sachs considers the current price level attractive and maintains a "buy" rating, suggesting that the recent stock price adjustment appears to be excessive [1] - A target price of HKD 18.4 is set for MGM China [1]