Morningstar - MTR Corporation Limited (00066) MTR Corps Narrow Moat Rating Reaffirmed; Shares Are Fairly Valued

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Morningstar

Michael Wu

MTR Corp's Narrow Moat Rating Reaffirmed; Shares Are Fairly Valued

We reaffirm our narrow economic moat rating on MTR Corp following a change of analyst. Our fair value estimate for the Hong Kong rail operator is HKD 42, representing fiscal 2018 price/net asset value of 1.5 times and enterprise value/EBITDA of 15.2 times. Both are above long-term means of 1.3 times and 14 times, respectively, reflecting further growth from its Hong Kong and international operation.

We believe MTR has a narrow economic moat, based on efficient scale from the monopoly operation ...

29/06/2018 13 EN

Underlying

MTR Corporation Limited

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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HK0066009694 Hong Kong Stock Exchange Hong Kong

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Michael Wu

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The general evaluation of MTR CORPORATION LTD (HK), a company active in the Transportation Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date April 1, 2022, the closing price was HKD 42.35 and its potential was estimated at HKD 44.47.

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MTR Corp's Narrow Moat Rating Reaffirmed; Shares Are Fairly Valued

MTR CORPORATION LTD sees an upgrade to Positive due to a better fundamental star rating

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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