Strong Performance for Hong Kong Offsets Mixed International Operation in MTR's 1H18 Result
Narrow-moat MTR’s first-half result was largely in line with expectations with the underlying operations in Hong Kong performing well. While there are operational concerns regarding the well-publicised Shatin-Central, or SCL, link, we do not see the issue will alter the current business structure of MTR and the rail plus property model. Our estimates and fair value of HKD 42 is unchanged and we see the company as fairly valued.Management has appointed a third-party assessment on the safety of t...
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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