花旗：料发展商投地意欲增加 升港铁公司目标价至30港元 评级“沽售”

Core Viewpoint - Citigroup maintains a "Sell" rating on MTR Corporation (00066) and raises the target price from HKD 24.5 to HKD 30, indicating a cautious outlook despite potential market improvements [1] Group 1: Market Outlook - The Hong Kong residential property market is expected to have bottomed out last year, with property prices anticipated to enter an upward cycle [1] - The volume of primary residential transactions is projected to continue increasing, which may enhance developers' willingness to participate in MTR's land tenders [1] Group 2: Financial Considerations - MTR's capital expenditure on rail projects is expected to lead to a rising debt ratio over the next few years, suggesting that dividends may remain unchanged in the foreseeable future [1] - The current share price is only at a 13% discount to NAV, which is considered expensive compared to other conglomerates like Swire Properties (00019) and Jardine Matheson [1]