里昂：降港铁公司评级至“持有” 目标价降至27港元

Core Viewpoint - The report from Credit Lyonnais indicates that MTR Corporation's recurring profit growth remains weak due to rising expenses potentially dragging down profits, while revenues also remain weak [1] Financial Performance - Credit Lyonnais has lowered the target price for MTR Corporation from HKD 30 to HKD 27 and downgraded the rating from outperform to hold [1] - The firm has reduced its recurring profit forecasts for 2025 and 2026 by 28% and 33% respectively [1] Capital Expenditure and Debt Ratios - Increased capital expenditures may lead to MTR's adjusted net debt-to-equity ratios rising to 46% and 55% for 2026 and 2027 respectively [1] - The forecast for MTR's working capital to net debt ratio for 2027 has been lowered to 14% [1] Dividend and Risk Assessment - With a dividend yield of 4.8% per year, Credit Lyonnais considers MTR's risk-return profile unattractive and does not rule out the possibility of issuing convertible bonds or even equity [1]