智通财经网·2026-03-27 07:26Core Viewpoint - The report from Credit Lyonnais indicates that MTR Corporation's (00066) recurring profits are unlikely to recover quickly in the short term due to rising costs in the Hong Kong passenger business offsetting the ticket revenue growth from increased visitor numbers [1] Group 1: Financial Performance - MTR's operating profit is under pressure due to additional depreciation expenses expected from the opening of the Kwu Tung Station in 2027 [1] - Although retail sales are recovering, rental rates for lease renewals in the second half of last year still declined, indicating limited recovery in average rental rates [1] - Property development profits are projected to peak in 2026 [1] Group 2: Valuation and Recommendations - MTR's current price is at a 16% discount to the projected net asset value of HKD 38.9 in 2026, which is in line with historical averages [1] - The forecasted dividend yield for 2027 is 4% [1] - The target price has been raised from HKD 27 to HKD 32, with a "Hold" rating maintained as the valuation is deemed reasonable [1]