MTR’s First-Half Recurring Profit In Line, but Lower 2.4% Dividend Yield Makes It Less Attractive
With higher property income booked in, narrow-moat-rated MTR posted decent 15% year-over-year growth in first-half 2017 core profit to HKD 5.8 billion, while the recurring rail and rental earnings declined 8% to HKD 4.5 billion, making up 49% of our full-year forecast. MTR sees pressure from weak consumption in Hong Kong, with rental reversion falling 2%. However, retail sales in Hong Kong have expanded for four consecutive months since March, showing signs of an upturn. We think the improving r...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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