Core Viewpoint - UBS maintains a "sell" rating on MTR Corporation, reflecting a lack of attractive risk/reward profile, while lowering earnings per share forecasts for 2025 to 2027 by 2% to 12% due to increased interest expenses [1] Financial Projections - Target price raised from HKD 21.6 to HKD 24, representing a 30% discount to net asset value per share [1] - Estimated funding gap of HKD 117 billion for MTR from 2025 to 2029 due to rising capital expenditures on new railway projects and increased interest expenses [1] Debt and Dividend Concerns - If the land market remains sluggish, the net asset-to-debt ratio (considering perpetual capital securities as debt) could approach 100% by 2029, raising concerns about the sustainability of long-term dividends [1]
大行评级｜瑞银：维持港铁“沽售”评级 目标价则上调至24港元
Ge Long Hui·2025-08-07 03:16