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RTNominal unchange42.400 0.000 (0.000%)

30/07/2020 10:51

{I-bank focus}Daiwa upgrades MTR Corp (00066) to "buy"

[ET Net News Agency, 30 July 2020] Daiwa Research maintained its target price for MTR
Corporation (00066) unchanged at HK$49.2 but upgraded its rating to "buy" from
The research house said MTRC's retail rental and transport earnings are likely to be
hard hit by COVID-19 and its reported profit may be hit hard by a revaluation deficit in
its retail properties, but it expects MTRC to still report 64.2% growth in its underlying
net profit to HK$5.6bn, due to some HK$5.2bn of profits from property sales.
Daiwa said MTRC is the largest beneficiary of the transformation of Tseung Kwan O from
what was regarded by many as a district fit for only home-starters in the 2000s to an
established district for the middle class and professionals. This has lifted the ASP for
units in the area from below HK$4,000/sq ft in the early 2000s to over HK$15,000/sq ft
now. (KL)

Remark: Real time quote last updated: 25/11/2020 07:55
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