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RTNominal up42.850 +0.700 (+1.661%)

07/08/2020 11:39

{I-bank focus}Nomura lowers MTR Corp (00066) to HK$48.2

[ET Net News Agency, 7 August 2020] Nomura lowered its target price for MTR Corporation
(00066) to HK$48.2 from HK$48.6 and maintained its "buy" rating.
With lower patronage, relief for tenants owing to cross-boundary station closures, a
half-month rental reduction for small- to medium-sized tenants, and lower advertising
revenue, MTR reported a recurring net profit of HK$433m in 1H, the research house said.
More important, its progressive dividend policy is intact with interim DPS flat at
HK$0.25 despite the lower profit, benefiting from a strong balance sheet (18.9% net
gearing as at end-June 2020) and property-development cash inflows.
While the pandemic outlook remains unclear at this juncture, Nomura assumed the recovery
will be delayed to 4Q onwards. It revised down its patronage forecast but offset by higher
property development profit recorded in 1H, resulting in a mild 2% increase to its 2020
EPS estimate. (KL)

Remark: Real time quote last updated: 27/11/2020 17:59
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