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<Research> CLSA Raises MTR (00066.HK) TP to HKD32, Valuation Reasonable, Rated 'Hold'
Recommend 4 Positive 8 Negative 1 |
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CLSA published a research report indicating that MTR Corporation (00066.HK) is unlikely to see a rapid recovery in recurring profits in the short term, as the rising costs of Hong Kong's passenger transport business will offset the growth in ticket revenue from increased visitors to Hong Kong. The Kwu Tung Station is targeted to open in 2027, which will bring additional depreciation expenses, putting pressure on operating profits. Although retail sales are recovering, rental renewals in the second half of last year still declined, reflecting a limited recovery in average rents. Property development profits are expected to peak in 2026. MTR's current price is at a 16% discount to the forecast net asset value of HKD38.9 for 2026, which is similar to the historical average, corresponding to a forecast dividend yield of 4% for 2027. The firm raised the target price from HKD27 to HKD32, considering the valuation reasonable, and maintained a 'Hold' rating. (ec/da) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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