Core Viewpoint - The report from Shenwan Hongyuan indicates that MTR Corporation (00066) has a diversified business model, leading to a 20% valuation discount, resulting in an estimated total equity value of HKD 221.3 billion and a target share price of HKD 35.55, representing a 19% upside from the current market value. The initial coverage gives a "Buy" rating [1]. Group 1 - MTR Corporation has grown to become the core operator of Hong Kong's rail transit since its establishment in 1975, listed on the Hong Kong Stock Exchange in 2000, and merged with Kowloon-Canton Railway Corporation in 2007. The company has expanded globally with projects in Beijing, Hangzhou, and Australia since 2005 [2]. - The Hong Kong SAR government, represented by the Financial Secretary, is the controlling shareholder of MTR Corporation, holding a 74.45% stake, with the remainder owned by public shareholders and institutional investors [2]. Group 2 - The "Rail + Property" development model allows MTR to fund railway projects through land development rights along railway lines, which the government grants to offset the high costs of railway construction. The recovery in the Hong Kong real estate market is expected to boost long-term property development for the company, with significant revenue recognition anticipated in 2025 and 2026 [3]. Group 3 - The company follows a progressive dividend policy, with dividends per share increasing from HKD 1.06 to HKD 1.31 from 2015 to 2024. Despite a loss in 2020, the company maintained its dividend. Significant profit growth in recent years is expected to sustain current dividend levels. Forecasted net profits for 2025-2027 are HKD 16.203 billion, HKD 20.166 billion, and HKD 10.138 billion, with corresponding P/E ratios of 12x, 9x, and 19x. The dividend yield for 2025-2027 is projected to be 4.4% each year [4].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 香港鐵路有限公司 | | | 呈交日期: | 2026年1月6日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00066 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 6,224,823,171 | | 0 | | 6,224,823,171 | | 增加 / 減少 (-) ...

Investment Rating - The report initiates coverage with a rating of "Buy" for MTR Corporation [2][6] Core Insights - MTR Corporation has established itself as the core operator of Hong Kong's rail transit since its inception in 1975, with a significant focus on local line construction and expansion into international markets [5][16] - The "Rail + Property" development model allows MTR to finance railway projects through land development rights granted by the government, which is expected to drive long-term growth as the Hong Kong real estate market recovers [5][47] - The company has a progressive dividend policy, with expected dividends per share increasing from HKD 1.06 in 2015 to HKD 1.31 in 2024, maintaining dividends even during losses [5][43] Financial Data and Profit Forecast - Revenue projections for MTR Corporation are as follows: - 2023: HKD 56,982 million - 2024: HKD 60,011 million - 2025E: HKD 57,117 million - 2026E: HKD 55,584 million - 2027E: HKD 58,152 million - Net profit attributable to shareholders is forecasted as: - 2023: HKD 7,784 million - 2024: HKD 15,772 million - 2025E: HKD 16,203 million - 2026E: HKD 20,166 million - 2027E: HKD 10,138 million - The company is expected to maintain a dividend yield of approximately 4.4% from 2025 to 2027 [4][6] Business Model and Operations - MTR Corporation operates under a "Rail + Property" model, which integrates railway operations with property development to fund infrastructure projects [5][47] - The company is actively involved in multiple new railway and station projects to enhance connectivity in densely populated areas of Hong Kong [51][52] - The Hong Kong rail operations are expected to see a recovery in passenger numbers, with total passenger volume projected to reach 1.953 billion in 2024, recovering towards pre-pandemic levels [79] Valuation and Target Price - The estimated enterprise value of MTR Corporation is HKD 2,766 billion, with a 20% discount applied due to diversified operations, leading to a target equity value of HKD 2,213 billion [6] - The target price is set at HKD 35.55 per share, indicating a potential upside of 19% from the current market value [6]

Core Viewpoint - Hong Kong MTR Corporation, in partnership with a subsidiary of CRRC Group, has successfully won the main contract for the Sydney Metro West project in New South Wales, Australia, which aims to enhance connectivity between major commercial and residential areas [1][2] Group 1: Project Details - The Sydney Metro West is a new underground rail line that will span 24 kilometers and include 9 stations, with a target service commencement in 2032 [1] - The New South Wales government is responsible for the infrastructure, while the joint venture will handle the delivery of new driverless trains, signaling systems, communication and control systems, as well as system integration, testing, and operational maintenance [1] Group 2: Company Expertise - Hong Kong MTR Corporation is recognized as a leading global rail operator with extensive experience in railway construction and operations [1] - CRRC Group has previously participated in landmark projects such as the Melbourne Metro and Sydney's double-decker trains, leveraging its technology and experience in developing advanced driverless metro systems [2]

据新华社香港电(黄茜恬)香港铁路有限公司(港铁)1月4日表示，广深港高铁香港段2025年载客量再创新 高，超过3000万人次，同比增加17%。 据介绍，在2025年12月27日，高铁西九龙站录得近14万人次，刷新单日乘客人次纪录。广深港高铁香港 段自2018年9月开通至今，累计乘客量于近日已突破1亿人次。 港铁表示，目前高铁乘客多为短途，占整体约八成。香港市民占整体客运人次，由通车初期约三成增加 至约四成半，其余为内地及海外旅客，反映高铁促进了人员互动与交流。 港铁行政总裁杨美珍表示，自通车以来，港铁积极参与内地铁路单位及政府间紧密协作，增加站点、提 升服务，未来会继续与相关单位紧密协调，提升出行体验、扩展网络。 目前，从香港西九龙高铁站出发，可直达全国96个站点，每日班次最少208班。 ...

港铁公司公布，与中国中车集团的附属公司组成的联营公司Metro Trains West，已正式受新南威尔士州政府委任，成功夺得悉尼地铁西线的"列车、系统、 营运及维修"核心合约。 悉尼地铁西线为全新的地底铁路线，全长24公里，设有9个车站，目标于2032年投入服务。根据合约，联营公司将负责悉尼地铁西线从建设到营运的全流 程服务。合约总期涵盖约7年的交付期及通车后长达15年的营运与维修期，包括由中国中车量身打造的16列新一代全自动无人驾驶地铁列车。 港铁公司物业及国际业务总监邓智辉表示，港铁拥有丰富的铁路建设及专业营运经验，这次与中国中车联手，结合其作为全球知名轨道车辆供应商的技术 优势，将为该线提供世界级的系统及营运方案，以铁路连接新社区，推动城市前行。 中国中车副总裁王锋表示，非常高兴参与的联营公司能够获批悉尼这个标志性的项目，它将在未来多年为当地的城市发展作出贡献。凭借其在内地及海外 打造世界领先无人驾驶地铁系统的技术与经验，为悉尼打造先进的铁路系统。加上与港铁的紧密合作，有信心能够成功交付本项目，并超越各方期望。 港铁公司公布，与中国中车集团的附属公司组成的联营公司Metro Trains West，已 ...

Core Viewpoint - Hong Kong MTR Corporation, in partnership with a subsidiary of CRRC Group, has successfully won the main contract for the Sydney Metro West project in New South Wales, Australia, which involves providing next-generation metro trains and related systems, as well as system testing and operation [1][2]. Group 1: Project Details - The Sydney Metro West is a new underground rail line that spans 24 kilometers and includes 9 stations, connecting the major commercial and residential hub of Parramatta with Sydney's city center, aiming for service commencement in 2032 [1]. - The infrastructure for the line will be managed by the New South Wales government, while the joint venture will handle various tasks during the delivery phase, including the provision of driverless metro trains, signaling systems, communication and control systems, as well as system integration, testing, and operation post-commencement [1]. Group 2: Company Expertise and Collaboration - Hong Kong MTR Corporation, recognized as a leading global rail operator, possesses extensive experience in railway construction and operations, which will be leveraged in this project [1]. - CRRC's Vice President Wang Feng highlighted the company's involvement in iconic projects such as the Melbourne Metro and Sydney's double-decker trains, emphasizing their confidence in delivering an advanced rail system for Sydney through their collaboration with MTR [2]. - The MTR Corporation has been operating the Sydney Metro Northwest Line since 2019, which will be officially renamed the M1 Metro Northwest and Bankstown Line in August 2024 [2].

Core Viewpoint - Hong Kong MTR Corporation, in partnership with China CNR Corporation's subsidiary, has successfully secured the main contract for the Sydney Metro West project in Australia, which involves providing new-generation metro trains and related systems [1][3]. Group 1: Project Details - The Sydney Metro West is a new underground rail line that spans 24 kilometers and includes 9 stations, with a target service commencement in 2032 [3]. - The joint venture, Metro Trains West, will be responsible for delivering a range of tasks during the delivery phase, including providing new driverless metro trains, signaling systems, communication and control systems, as well as system integration, testing, and commissioning [3]. Group 2: Company Expertise and Collaboration - Hong Kong MTR Corporation, as a leading global railway operator, possesses extensive experience in railway construction and professional operations, which will be leveraged in this project [3]. - China CNR Corporation aims to utilize its technology and experience in building world-class driverless metro systems both domestically and internationally to create an advanced railway system for Sydney [3].

中新社香港1月4日电 香港铁路有限公司(简称"港铁")4日表示，广深港高铁香港段2025年载客量再创新 高，超过3000万人次，同比增加近17%。 据介绍，在2025年12月27日，高铁西九龙站录得近14万人次，刷新单日乘客人次纪录。广深港高铁香港 段自2018年9月开通至今，累计乘客量于近日已突破1亿人次。 港铁行政总裁杨美珍表示，自通车以来，港铁积极参与内地铁路单位及政府间紧密协作，增加站点、提 升服务，未来会继续与相关单位紧密协调，提升出行体验、扩展网络。 目前，从香港西九龙高铁站出发，可直达全国96个站点，每日班次最少208班。(完) 港铁表示，目前高铁乘客多为短途，占整体约八成。香港市民占整体客运人次，由通车初期约三成增加 至约四成半，其余为中国内地及海外旅客，反映高铁促进了人员互动与交流。 ...

免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 据介绍，在2025年12月27日，高铁西九龙站录得近14万人次，刷新单日乘客人次纪录。 广深港高铁香港段自2018年9月开通至今，累计乘客量于近日已突破1亿人次。 观点网讯：1月4日，香港铁路有限公司表示，广深港高铁香港段2025年载客量再创新高，超过3000万人 次，同比增加17%。 ...