Core Viewpoint - The company is expected to experience a revenue increase of 6.5% YoY in FY25E, reaching RMB 18.2 billion, with the residential segment remaining flat and the commercial segment growing significantly [1] Revenue Forecast - FY25E revenue for the residential segment is projected to be flat at +1.3% YoY, while the commercial segment is expected to grow by 13.8% YoY, driven by a slowdown in shopping mall revenue growth to 18% due to a high base effect [1][2] - The shopping mall business is anticipated to see retail sales growth in the range of 20-25%, with 14 luxury malls outperforming due to new consumption formats [2] Profitability Expectations - Core net profit (NP) is forecasted to rise by 10.8% YoY to RMB 3.9 billion in FY25E, supported by stable gross profit (GP) margins in basic property management (PM) and improved GP margins in shopping malls [1] - The GP contribution from the shopping mall business is expected to reach 60% in FY25E, enhancing the overall GP contribution of the commercial operations segment to above 70% [2] Payout Ratio - A 100% payout ratio is anticipated, consisting of 60% ordinary and 40% special dividends, due to the absence of large-scale capital deployment plans and the tendency of firms to maintain higher payout ratios when results are at or below guidance [4] Third-Party Expansion - The company has secured 11 projects by the end of November, surpassing the full-year target of 10, and has completed the target of 14 new openings [2][3]

Core Viewpoint - The report from DBS indicates that MTR Corporation's basic business profit increased by 55% to HKD 8.93 billion, exceeding expectations [1] Group 1: Financial Performance - MTR Corporation's basic business profit for the first half of the year reached HKD 8.93 billion, marking a 55% increase [1] - The report forecasts significant growth in property development profits, projected at HKD 12.8 billion and HKD 10.7 billion for 2025 and 2026, respectively [1] Group 2: Future Outlook - The increase in residential project completions is expected to drive substantial growth in property development profits [1] - The bank believes that the growth in MTR's residential business will positively impact its future earnings and stock price [1] Group 3: Investment Rating - The target price for MTR Corporation has been raised from HKD 30.3 to HKD 31.15, maintaining a "buy" rating [1]

Core Viewpoint - DBS has released a report indicating that MTR Corporation (00066) experienced a 55% increase in basic business profit to HKD 8.93 billion in the first half of the year, exceeding the bank's expectations [1] Group 1: Financial Performance - MTR's basic business profit rose to HKD 8.93 billion, reflecting a significant growth of 55% [1] - The increase in residential project completions is expected to lead to a substantial rise in property development profits, projected to reach HKD 12.8 billion and HKD 10.7 billion in 2025 and 2026, respectively [1] Group 2: Future Outlook - The continuous growth in MTR's residential business is anticipated to positively impact its future profitability and stock performance [1] - DBS has raised the target price for MTR from HKD 30.3 to HKD 31.15, maintaining a "buy" rating [1]

Core Viewpoint - DBS published a research report indicating that MTR Corporation's basic business profit increased by 55% to HKD 8.93 billion, exceeding expectations [1] Group 1: Financial Performance - MTR Corporation's basic business profit for the first half of the year reached HKD 8.93 billion, reflecting a significant growth of 55% [1] - The increase in residential project completions is expected to lead to a substantial rise in property development profits, projected to reach HKD 12.8 billion and HKD 10.7 billion in the fiscal years 2025 and 2026, respectively [1] Group 2: Future Outlook - The continuous growth in MTR's residential business is anticipated to positively impact its future profitability and stock performance [1] - DBS raised its target price for MTR from HKD 30.3 to HKD 31.15 while maintaining a "Buy" rating [1]