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RTNominal up42.850 +0.700 (+1.661%)

29/07/2020 17:02

{I-bank focus}Morgan lowers MTR Corporation (00066) to HK$37

[ET Net News Agency, 29 July 2020] Morgan Stanley trimmed its target price for MTR
Corporation (MTRC)(00066) to HK$37 from HK$41 and maintained its "underweight" rating.
MTRC is to announce 1H results on 6 August. With profit warning issued on 7 July, the
weak 1H operating result should be well known, said the research house. However, Morgan
believes the market has not fully priced in the 2H earnings weakness and slow recovery
path in 2021.
Morgan now expects 2H underlying profit to decline 90% on weak recurring profits and a
lack of development profits. It trimmed its 2020 and 2021 EPS estimates by 30% and 22% to
HK$1.04 and HK$1.69, respectively. It also assumed flattish regular DPS growth in
2020 and 2021 and no special DPS during 2020-22. (KL)

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