瑞银：料港铁(0066.HK)中期盈利达到89亿港元 维持中性评级

Core Viewpoint - UBS reports that MTR Corporation (0066.HK) is expected to announce its interim results for the first half of the year in mid-August, with projected profits of HKD 8.9 billion, primarily driven by profits from real estate development, although recurring business profits are anticipated to be impacted by the pandemic from February to April [1] Group 1: Financial Performance - MTR's local railway service passenger volume is expected to decline by approximately 12% year-on-year for the first half of the year [1] - Operating expenses are projected to slightly increase year-on-year following the opening of the second phase of the Tuen Ma Line in June last year [1] - UBS estimates that net profits from the two projects, LP10 in Sunrise, and the "Jinhuan" project above Wong Chuk Hang Station, will total HKD 8.7 billion [1] Group 2: Rental Income and Property Performance - Rental income from investment properties is expected to decline by 3% year-on-year due to last year's rent reductions, a decrease in Hong Kong retail sales, and additional rental concessions provided in the first half of the year, partially offset by the opening of The Lohas shopping mall [1] - Rental income from station commercial operations is projected to decrease by 5% [1] Group 3: Dividend Policy and Target Price - MTR has announced plans to change its dividend distribution to one-third for interim and two-thirds for final dividends while maintaining a progressive dividend policy [1] - UBS has revised MTR's target price from HKD 43.1 to HKD 42.3, reflecting a 20% discount to the net asset value per share of HKD 52.9, while maintaining a "Neutral" rating [1]