MTR’s short-term downward adjustment

As of June 30 this year, MTR (66.HK) recorded a total revenue of HK$28.27 billion, a year-on-year increase of 7.2%

After the tax, the shareholder’s share of the company’s share of the investment property was reduced by 22.3% year-on-year to HK$5.51 billion.

Hong Kong railway net profit increased by 20% year-on-year to HK$5 billion. The high-speed railway (Hong Kong section) opened in September last year brought in an additional HK$1.1 billion in fare revenue. Since the launch of the high-speed rail, the world’s largest high-speed rail station, West Kowloon Station, has benefited from the extra passengers. The mall opened 35 new stores, plus its residential-oriented and diversified shopping malls, the fastest growth. In addition, the 7th and 8th floors of Phase 2 of the Telford Plaza and the new retail stores of Phase 2 of Tsing Yi City also contributed.

The MTR also has a good performance outside Hong Kong

The Sydney Metro Northwest Line was opened to traffic in May this year. The Macau Light Rail System Taipa Line is also expected to be open to traffic at the end of this year. The first section of Hangzhou Metro Line 5 has been in operation since June and is expected to be fully operational by the end of 2019. The Group also signed agreements with different provinces and cities in China to jointly develop railway and railway related property projects, which will bring more stable income to the Group.

Housing demand is still beneficial to MTR’s housing project support

The Group approved the “Third Kangcheng” property development project, which is believed to be maturing. The three new shopping malls in Lok Kwong, Tai Wai and Wong Chuk Hang will operate from 2020 to 2030. The Phase 7 shopping arcade at Sheung Wan will be built on one of Hong Kong’s largest ice rinks. Fancy performances and ice hockey. It is expected that the Group’s subway shopping mall rental income and property development projects will bring stable performance to the Group in the next few years.

In line with the housing policy of the Hong Kong Government, the MTR will, in addition to introducing the land for the railway superstructure project, and the study of the maintenance of the parking lot near the railway to increase the source of residential supply through the use of rezoning. At present, the MTR has embarked on a rezoning plan for the Lantau North North Siu Ho Wan Car Factory. Last month, the Executive Council approved the Regional Planning Master Plan for the Siu Ho Wan Project.

Considering the uncertainties of the macro environment in Hong Kong in the second half of the year, although it may have no significant impact on the core business of the group, it has seen a weakening demand for advertising since June. However, it is still optimistic about the development of property development into the harvest period and the development of the commercial business of the station. I believe that the MTR can maintain stable and sustained growth in the future.

Investors can consider gradually building positions at the current price, with a target of 55; if it falls below 43 yuan, it will stop.


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