MTR CORPORATION(HK:00066) Ge Long Hui·2025-08-21 03:25Core Viewpoint - The report from Credit Lyonnais indicates that MTR Corporation's recurring profit growth in the first half remains weak due to rising expenses potentially dragging down profits, while revenues also remain weak [1] Financial Performance - Credit Lyonnais has lowered its recurring profit forecasts for MTR Corporation by 28% for 2025 and 33% for 2026 [1] - The increase in capital expenditures may lead to adjusted net debt-to-equity ratios rising to 46% and 55% for 2026 and 2027, respectively [1] Investment Outlook - Based on a dividend yield of 4.8% per year, Credit Lyonnais finds MTR Corporation's risk-reward profile unattractive and does not rule out the possibility of issuing convertible bonds or even stocks [1] - The target price for MTR Corporation has been reduced from HKD 30 to HKD 27, and the rating has been downgraded from "Outperform" to "Hold" [1]