Zhi Tong Cai Jing·2026-01-09 03:30Group 1 - MGM China (02282) rebounded over 3%, currently up 3.02% at HKD 12.61, with a trading volume of HKD 52.6374 million [1] - Goldman Sachs released a report estimating that MGM China will incur an additional royalty fee to its parent company, impacting EBITDA by approximately 6% to 7% and leading to a profit forecast downgrade of about 13% to 14% [1] - Following the announcement of the royalty fee, MGM China's stock price dropped by approximately 19%, with the valuation level now at 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] Group 2 - Goldman Sachs maintains a "Buy" rating on MGM China, suggesting that the recent stock price adjustment appears excessive, with a target price set at HKD 18.4 [1] - If the company maintains a dividend payout ratio of around 50%, it may lead to a reduction in the dividend per share [1]