Higher Depreciation Drove MTR’s Soft 2017 Recurring Profit; Shares Fairly Valued.
With higher property income booked in, narrow-moat-rated MTR posted decent 11% year-over-year growth in 2017 core profit to HKD 10.5 billion, while the recurring rail and rental earnings declined 3.8% to HKD 8.6 billion, largely in line with our expectations. Despite growing patronage supported by rail network expansion, MTR’s rail operation saw staff costs and depreciation rising significantly, which squeezed the segment EBIT margin to 9.1% in 2017, from 14.6% a year earlier. Nevertheless, we e...
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