Group 1 - The core viewpoint of the report is that MTR Corporation (00066) has insufficient valuation attractiveness, maintaining an "underperform" rating with a target price of HKD 27 [1] - MTR's core profit for the previous year decreased by 4% year-on-year to HKD 16.7 billion, which aligns with the expectations of the bank [1] - The annual dividend remains at HKD 1.31, but the bank anticipates that the large capital expenditure plans for the railway will limit the potential for dividend increases in the short term [1] Group 2 - The report suggests that despite the potential benefits from the current upswing in the Hong Kong real estate market, the likelihood of fare increases is low due to a modest 1% rise in the median household income at the end of last year [1] - It is expected that the profit margin for MTR's Hong Kong railway business will continue to be under pressure in the fiscal year 2026 [1]

Group 1 - The core viewpoint of the report is that the valuation attractiveness of MTR Corporation (00066) is insufficient, maintaining an "underperform" rating with a target price of HKD 27 [1] - MTR's core profit for the previous year decreased by 4% year-on-year to HKD 16.7 billion, which aligns with the expectations of the bank [1] - The annual dividend remains at HKD 1.31, but the bank anticipates that the large capital expenditure plans for the railway will limit the potential for dividend increases in the short term [1] Group 2 - The report suggests that despite the potential benefits from the current upward cycle in the Hong Kong real estate market, the likelihood of fare increases is low due to a modest 1% rise in the median household income at the end of last year [1] - It is expected that the profit margin for MTR's Hong Kong railway business will continue to be under pressure in the fiscal year 2026 [1]