Goldman Sachsh cut its target price for MTR Corporation (MTRC)(00066) to HK$34 from HK$35, and maintained its "sell" rating.
The research house said the FAM announcement may remove some near-term stock overhang, but it reaffirms Goldman's concern that MTRC is likely to face increased pressure to give more fare concessions at a time when lower inflation already points to fewer potential fare hikes. Together with more capex for an expanded network, rail operation return appears set to decline.
Factoring in FAM results, Goldman cut its 2017E-19 group EBITDA by 2-3% and its EPS by 1-3%.
22/03/2017 18:01
[I-bank focus]Goldman cuts MTR Corporation (00066) to HK$34
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