大行评级丨里昂：投资者关注美高梅中国会否提高派息比率，维持“跑赢大市”评级

Group 1 - The core focus for investors in MGM China will be the dividend payout ratio, specifically whether there are indications that the annual payout ratio will increase from 50% to offset the impact of higher franchise and brand usage fees [1] - The expectation threshold for this increase is considered low by the firm [1] - MGM China has already distributed two special dividends in 2024, regardless of the new franchise and brand fee allocation mechanism [1] Group 2 - Some peers in the industry are also showing an expanding dividend payout ratio trend [1] - The current price of MGM China corresponds to an enterprise value multiple of 7.1 times for 2026 [1] - The firm maintains a "Outperform" rating and a target price of HKD 20.9, with MGM China being one of its preferred stocks alongside Galaxy Entertainment [1]