Minimal Financial Impact From Investigation Findings; MTR Remains Slightly Undervalued
MTR submitted its investigation findings on a large service disruption in mid-October, which affected four of its high patronage subway lines. The issue lies within the existing signalling system, which was supplied by two separate companies progressively since 1996, and not due to the current signal upgrade program underway. MTR noted the incident will result in an HKD 8 million fine under the service performance arrangement. As highlighted in our company report, we note penalties applied to MT...MTR is a railway operator. Co. operates a rail-based transportation system in Hong Kong, comprising Domestic and Cross-boundary services, an Airport Express railway and a light rail system. Co. also provides intercity services to and from the Mainland of China as well as a small bus operation in Hong Kong offering convenient feeder services. Co.'s segments include: Hong Kong transport operations; Hong Kong station commercial businesses; Hong Kong property rental and management businesses; Hong Kong property development; railway, property rental and management businesses outside Hong Kong; Mainland of China property development; and other businesses.
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