Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [6][13]. Core Insights - The company reported a revenue of HKD 27.36 billion for H1 2025, a year-on-year decrease of 6.5%, while the net profit attributable to shareholders was HKD 7.709 billion, reflecting a year-on-year increase of 27.5% [2][4]. - The growth in net profit was primarily driven by a significant increase in profits from property development in Hong Kong, which rose by 219% year-on-year, contributing to an overall EBIT of HKD 10.2 billion, up 31% [4][5]. - The company is actively pursuing 10 residential property development projects, with expected profits from these projects to continue in H2 2025 [5]. Financial Performance - Revenue breakdown for H1 2025 shows: - Hong Kong transport operations: HKD 11.5 billion, up 3.3% year-on-year - Hong Kong station commercial: HKD 2.6 billion, down 0.6% - Mainland China and international business: HKD 10.2 billion, down 18.1% - Hong Kong property leasing and management: HKD 2.7 billion, down 1.2% [3][4]. - The company’s EBIT margin improved by 1 percentage point to 37%, with a net profit margin increase of 8 percentage points to 28% [4]. Earnings Forecast - The company’s net profit forecasts for 2025 to 2027 are HKD 17.1 billion, HKD 17.4 billion, and HKD 12.3 billion, respectively [6].