Zhi Tong Cai Jing·2026-01-09 06:53Group 1 - MGM China (02282) rebounded nearly 5%, trading at HKD 12.82 with a transaction volume of HKD 110 million [1] - A new long-term brand cooperation agreement was reached between MGM International and MGM China, with brand usage fees increasing from 1.75% to 3.5% starting in 2026 [1] - Morgan Stanley estimates that the brand usage fee will reach HKD 1.2 billion in 2026, a significant increase from HKD 600 million in 2025 [1] Group 2 - Goldman Sachs predicts that the additional royalty fees will impact EBITDA by approximately 6% to 7%, leading to a downward revision of profit forecasts by about 13% to 14% [1] - Following the announcement of the royalty fee increase, MGM China's stock price fell by approximately 19%, but Goldman Sachs believes the recent stock price adjustment appears excessive [1]