星展报告指出，港铁公司上半年基本业务利润增长55%至89.3亿港元，超出预期。报告预测，随着住宅 项目落成量增加，物业发展利润在2025至2026年将大幅增长，分别为128亿及107亿港元。该行认为港铁 住宅业务的增长将对其未来盈利和股价有利，因此将目标价由30.3港元上调至31.15港元，并维持"买 入"评级。 ...

星展发布研报称，港铁公司(00066)上半年基本业务利润增长55%至89.3亿港元，超出该行预期。由于住 宅项目落成量上升，物业发展利润将于2025至26年大幅上升。该行预计将分别达128亿及107亿港元，该 行表示，由于港铁的住宅业务不断增长，这将有利于其未来盈利前景及股价表现。该行将公司目标价由 30.3港元上调至31.15港元，续予"买入"评级。 ...

智通财经APP获悉，星展发布研报称，港铁公司(00066) 上半年基本业务利润增长55%至89.3亿港元，超 出该行预期。由于住宅项目落成量上升，物业发展利润将于2025至26年大幅上升。该行预计将分别达 128亿及107亿港元，该行表示，由于港铁的住宅业务不断增长，这将有利于其未来盈利前景及股价表 现。该行将公司目标价由30.3港元上调至31.15港元，续予"买入"评级。 ...

Core Viewpoint - DBS published a research report indicating that MTR Corporation's basic business profit increased by 55% to HKD 8.93 billion, exceeding expectations [1] Group 1: Financial Performance - MTR Corporation's basic business profit for the first half of the year reached HKD 8.93 billion, reflecting a significant growth of 55% [1] - The increase in residential project completions is expected to lead to a substantial rise in property development profits, projected to reach HKD 12.8 billion and HKD 10.7 billion in the fiscal years 2025 and 2026, respectively [1] Group 2: Future Outlook - The continuous growth in MTR's residential business is anticipated to positively impact its future profitability and stock performance [1] - DBS raised its target price for MTR from HKD 30.3 to HKD 31.15 while maintaining a "Buy" rating [1]

Core Viewpoint - Hong Kong MTR Corporation reported a mixed performance for the first half of 2025, with total revenue declining by 6.5% year-on-year to HKD 27.4 billion, while net profit attributable to shareholders increased by 27.5% to HKD 7.709 billion, driven by significant growth in property development profits [1] Group 1: Financial Performance - Total revenue for 1H25 was HKD 27.4 billion, a decrease of 6.5% year-on-year [1] - Net profit attributable to shareholders reached HKD 7.709 billion, up 27.5% year-on-year [1] - Regular business profit was HKD 3.391 billion, down 15.7% year-on-year, while property development profit surged to HKD 5.542 billion, an increase of 218.5% [1] - Fair value loss on investment properties amounted to HKD 1.224 billion, compared to a gain of HKD 0.28 billion in 1H24 [1] Group 2: Operational Insights - Hong Kong's rail operations generated revenue of HKD 11.5 billion, a year-on-year increase of 3.3%, but EBIT fell by 76% to HKD 0.98 billion due to rising employee costs and inflation [2] - The company plans to increase ticket prices by approximately 3% in the 2024/25 fiscal year, but will freeze prices in 2025/26, expecting ticket prices to remain stable in the second half of 2025 [2] - New rental agreements for station shops and malls saw declines of 7.0% and 7.8% respectively, reflecting a lag in retail recovery [3] Group 3: Property Development - Property development profits reached HKD 5.542 billion, primarily driven by projects in Ho Man Tin and South Island, with a significant year-on-year increase of 218.5% [4] - The private residential price index in Hong Kong showed signs of recovery, with a cumulative increase of 0.6% in the second quarter of 2025 [4] - The company anticipates a peak in capital expenditures, projecting HKD 140 billion for new railway projects from 2023 to 2034 [4] Group 4: Profit Forecast and Valuation - The company revised its net profit forecasts for 2025-2027 down by 11%, 3%, and 17% to HKD 18.1 billion, HKD 21 billion, and HKD 11 billion respectively [4] - The target price was adjusted to HKD 29.9 from HKD 31.9, based on a discounted cash flow (DCF) valuation and a capitalization rate for investment properties [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [6][13]. Core Insights - The company reported a revenue of HKD 27.36 billion for H1 2025, a year-on-year decrease of 6.5%, while the net profit attributable to shareholders was HKD 7.709 billion, reflecting a year-on-year increase of 27.5% [2][4]. - The growth in net profit was primarily driven by a significant increase in profits from property development in Hong Kong, which rose by 219% year-on-year, contributing to an overall EBIT of HKD 10.2 billion, up 31% [4][5]. - The company is actively pursuing 10 residential property development projects, with expected profits from these projects to continue in H2 2025 [5]. Financial Performance - Revenue breakdown for H1 2025 shows: - Hong Kong transport operations: HKD 11.5 billion, up 3.3% year-on-year - Hong Kong station commercial: HKD 2.6 billion, down 0.6% - Mainland China and international business: HKD 10.2 billion, down 18.1% - Hong Kong property leasing and management: HKD 2.7 billion, down 1.2% [3][4]. - The company’s EBIT margin improved by 1 percentage point to 37%, with a net profit margin increase of 8 percentage points to 28% [4]. Earnings Forecast - The company’s net profit forecasts for 2025 to 2027 are HKD 17.1 billion, HKD 17.4 billion, and HKD 12.3 billion, respectively [6].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of HKD 29.90 [1][5][32] Core Views - The company reported a revenue of HKD 27.4 billion for the first half of 2025, a decrease of 6.5% year-on-year, while the net profit attributable to shareholders was HKD 7.709 billion, an increase of 27.5% year-on-year. However, the recurring profit was below expectations at HKD 3.391 billion, down 15.7% year-on-year [1][5] - The property development segment is experiencing a harvest period, with profits from property development reaching HKD 5.542 billion, up 218.5% year-on-year, driven by the recovery of the Hong Kong property market [1][4] - The report highlights the challenges faced by the Hong Kong rail operations due to rising operational costs, with EBIT down 76% year-on-year despite a revenue increase of 3.3% [2][3] Summary by Sections Financial Performance - The company’s revenue for 1H25 was HKD 27.4 billion, a decrease of 6.5% year-on-year, while net profit attributable to shareholders was HKD 7.709 billion, an increase of 27.5% year-on-year. The recurring profit was HKD 3.391 billion, which was 9% lower than expectations [1][5] - The company plans to distribute an interim dividend of HKD 0.42 per share, unchanged from the previous year [1] Operational Insights - The Hong Kong rail operations generated revenue of HKD 11.5 billion in 1H25, up 3.3% year-on-year, but EBIT fell to HKD 0.98 billion, down 76% year-on-year due to increased employee costs and inflation [2] - The report notes that the new rental rates for shops in the Hong Kong stations continued to decline, with a drop of 7.0% year-on-year [3] Property Development - The property development segment recorded a net profit of HKD 5.542 billion, primarily from projects in the Whampoa area, with a significant increase attributed to a low base from the previous year [4] - The report indicates that the Hong Kong property market is showing signs of recovery, with a 0.6% increase in the private residential price index over three consecutive months [4] Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025-2027 downwards by 11%, 3%, and 17% to HKD 18.1 billion, HKD 21 billion, and HKD 11 billion respectively [5][31] - The valuation is based on a discounted cash flow (DCF) method with a WACC of 7.0% and a perpetual growth rate of 3%, leading to a target price of HKD 29.90 per share [5][32]

Core Viewpoint - Citigroup's research report indicates confidence in MTR Corporation's ability to issue bonds and perpetual securities at reasonable rates to fund increasing capital expenditures for new railway projects, suggesting a widening gap between earnings per share and dividends per share, with zero growth in dividends expected in the coming years [1] Group 1: Financial Performance and Projections - Citigroup maintains a "Sell" rating on MTR Corporation, raising the target price from HKD 23 to HKD 24.5 after extending the valuation basis to the fiscal year 2026 [1] - The earnings forecast for fiscal year 2025 has been reduced by 14%, while projections for fiscal years 2026 and 2027 have been increased by 3% to 4% [1] Group 2: Market Conditions and Consumer Behavior - Changes in consumer spending behavior in Hong Kong have impacted MTR Corporation's local railway operations, station commercial activities, and property leasing business, with no significant recovery expected in the short term [1]

Core Viewpoint - MTR Corporation reported a decline in revenue for the first half of the year, despite an increase in net profit, leading to a drop in stock price following the earnings announcement [1]. Financial Performance - The company's revenue for the first half was HKD 27.36 billion, a year-on-year decrease of 6.5% [1]. - Net profit reached HKD 7.709 billion, reflecting a year-on-year increase of 27.5% [1]. - Earnings per share were HKD 1.24, with an interim dividend of HKD 0.42 per share, unchanged from the same period last year [1]. Business Segments - Profit from recurring operations was approximately HKD 3.391 billion, down 15.7% [1]. - Profit from property development surged by 218.5% to HKD 5.542 billion, primarily driven by contributions from the first and second phases of the Ho Man Tin Station project and the third and fifth phases of the South Island project [1]. - Basic business profit increased nearly 55% to HKD 8.933 billion [1]. Investment Property Valuation - The company recorded a fair value loss of HKD 1.224 billion on investment properties during the period, compared to a gain of HKD 0.28 billion in the same period last year [1].

Core Insights - The company's net profit attributable to shareholders increased by 27.5% to HKD 7.709 billion, but profit from recurring operations declined by 15.7% to HKD 3.391 billion, indicating a shift in the profit structure with property development becoming the main driver of overall performance [1] Financing and Investment - The company conducted two large-scale public financings in the first half of 2025, raising a total of USD 6 billion to support its infrastructure investment plans, including a record USD 3 billion bond issuance in March [3] - The funds raised will support approximately HKD 140 billion in new railway projects and HKD 65 billion for railway facility updates and maintenance from 2023 to 2027 [3] New Railway Projects - The company made significant progress in new railway projects, signing an agreement with the government for the Northern Link (Phase 1) project, which will enhance connectivity between Hong Kong and Shenzhen [4] - The company plans to open the main line and branch line of the Northern Link by 2034, reflecting its commitment to government policies and innovative thinking [4] - Ongoing construction projects include various extensions and new stations, but the company faces challenges in managing construction impacts on existing operations and communities [4] Operational Performance - The company maintained a high service level with a 99.9% punctuality rate in passenger journeys during the first half of 2025, and ticket prices will remain unchanged for the 2025/2026 fiscal year [6] - The property development segment contributed significantly to profit growth, with ongoing projects expected to provide around 9,000 residential units [6] - However, the company faces multiple challenges, including geopolitical uncertainties, inflation, and changing passenger behaviors post-COVID-19, which may affect ridership and advertising revenue [6]