Core Viewpoint - Citigroup's research report indicates confidence in MTR Corporation's ability to issue bonds and perpetual securities at reasonable rates to fund increasing capital expenditures for new railway projects, suggesting a widening gap between earnings per share and dividends per share, with zero growth in dividends expected in the coming years [1] Group 1: Financial Performance and Projections - Citigroup maintains a "Sell" rating on MTR Corporation, raising the target price from HKD 23 to HKD 24.5 after extending the valuation basis to the fiscal year 2026 [1] - The earnings forecast for fiscal year 2025 has been reduced by 14%, while projections for fiscal years 2026 and 2027 have been increased by 3% to 4% [1] Group 2: Market Conditions and Consumer Behavior - Changes in consumer spending behavior in Hong Kong have impacted MTR Corporation's local railway operations, station commercial activities, and property leasing business, with no significant recovery expected in the short term [1]