Core Viewpoint - Shangri-La Asia (00069.HK) reported a resilient global business performance with a total revenue of USD 2.234 billion for the year ending December 31, 2025, reflecting a year-on-year increase of 2.2% [1] Financial Performance - The company's profit attributable to shareholders for 2025 was USD 112 million, a decrease of 30.4% year-on-year, primarily due to a reduction of USD 56 million in non-operating items [1] - The board proposed a final dividend of HKD 0.10 per ordinary share for 2025 [1] Revenue Breakdown - The increase in total revenue for 2025 was driven by stable growth in hotel operations and continuous improvement in investment properties [1] - Total revenue from hotel operations reached USD 2.071 billion in 2025, marking a year-on-year increase of 1.4% [1] - Revenue from investment properties grew to USD 140 million in 2025, reflecting a year-on-year increase of 10.9%, attributed to improvements in properties in Mongolia and Sri Lanka, as well as growth from the Fuzhou Shangri-La Center in mainland China [1]

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]