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<Research>Haitong Int'l Downgrades MTR CORPORATION to Neutral as Div. Lv Priced in
Recommend 14 Positive 30 Negative 21 |
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Haitong International released a research report believing that the current share price of MTR CORPORATION (00066.HK) has already reflected the potential profit growth in the future, with larger capital expenditure in the next few years. The leverage ratio is expected to rise further. Therefore, Haitong International downgraded MTR CORPORATION to Neutral, with a target price of $28.6. Haitong International expected MTR CORPORATION's 2024-2026 revenue to grow by 4-5% YoY, and core earnings to increase by 22%/ 46%/ 2% in each of the years. The broker also updated its NAV per share valuation to $40.8, suggesting that downside risks of MTR CORPORATION include fare adjustment, missing passenger volume, higher-than-expected development costs, interest costs and depreciation. AAStocks Financial News |
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