High-quality assets and favourable "rail plus property" model build competitive advantages for MTR.
With lower property income booked, narrow moat-rated MTR Corp, posted a 26% year-over-year decline in first-half core profit. However, its recurring rail and rental earnings remain robust, rising 8% year over year, to HKD 4.9 billion, making up 56% of our full-year forecast. While we see pressure from weak consumption in Hong Kong, we expect MTR’s steadily growing patronage to provide a solid support to the firm’s rental business, underpinned by its monopoly in Hong Kong’s rail system and attrac...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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