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]

小摩表示，港铁采用独特的商业模式，将铁路营运与房地产开发相结合，利用其交通基础设施释放房地 产投资机会。目前，港铁的风险回报似乎处于平衡状态，香港本地铁路运营在疫情后反弹的势头已充分 反映。然而，其上行潜力受到以下几个因素的限制：1)租赁业务增长乏力;2) 预计从2027年开始房地产 开发利润将放缓;3) 香港北环线开发项目提供资金导致资本支出需求将增加。 智通财经APP获悉，摩根大通发布研报称，首予港铁公司(00066)目标价29港元和"中性"评级。 这些因素共同导致港铁2025-2027财年的盈利复合或有16%的下降，这可能会限制其估值大幅重估的可 能性。不过，小摩预期股息将保持稳定。 ...