View ValuationMTR 향후 성장Future 기준 점검 0/6MTR 의 수익은 연간 5.4% 감소할 것으로 예상되는 반면, 연간 수익은 3.1% 로 증가할 것으로 예상됩니다. EPS는 연간 10.4% 만큼 쇠퇴할 것으로 예상됩니다. 자기자본이익률은 3년 후 4.3% 로 예상됩니다.핵심 정보-5.4%이익 성장률-10.37%EPS 성장률Transportation 이익 성장3.8%매출 성장률3.1%향후 자기자본이익률4.27%애널리스트 커버리지Good마지막 업데이트22 Apr 2026최근 향후 성장 업데이트Major Estimate Revision • Aug 21Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from HK$59.8b to HK$56.8b. EPS estimate also fell from HK$2.78 per share to HK$2.39 per share. Net income forecast to shrink 11% next year vs 8.2% growth forecast for Transportation industry in Hong Kong . Consensus price target broadly unchanged at HK$27.86. Share price fell 3.8% to HK$27.26 over the past week.분석 기사 • Aug 18MTR Corporation Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their PredictionsSEHK:66 1 Year Share Price vs Fair Value Explore MTR's Fair Values from the Community and select yours Last week, you...Major Estimate Revision • Mar 14Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from HK$61.0b to HK$60.2b. EPS estimate also fell from HK$2.73 per share to HK$2.25 per share. Net income forecast to grow 78% next year vs 13% growth forecast for Transportation industry in Hong Kong. Consensus price target down from HK$32.31 to HK$30.46. Share price rose 2.6% to HK$25.70 over the past week.Price Target Changed • Feb 29Price target decreased by 8.0% to HK$34.06Down from HK$37.03, the current price target is an average from 10 analysts. New target price is 31% above last closing price of HK$26.00. Stock is down 35% over the past year. The company is forecast to post earnings per share of HK$1.24 for next year compared to HK$1.59 last year.Price Target Changed • Jan 05Price target decreased by 7.6% to HK$38.06Down from HK$41.21, the current price target is an average from 10 analysts. New target price is 35% above last closing price of HK$28.10. Stock is down 33% over the past year. The company is forecast to post earnings per share of HK$1.40 for next year compared to HK$1.59 last year.모든 업데이트 보기Recent updatesUpcoming Dividend • May 22Upcoming dividend of HK$0.89 per shareEligible shareholders must have bought the stock before 29 May 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Hong Kong dividend payers (6.9%). In line with average of industry peers (4.1%).내러티브 업데이트 • May 0466: Housing Recovery Preference Will Limit Upside For This Transport Property HybridAnalysts have raised their price target for MTR Corp. to HK$36.10 from HK$31.30, while turning more cautious on the stock as they now prefer other Hong Kong developers for exposure to a potential housing market recovery.내러티브 업데이트 • Apr 1966: Housing Recovery Exposure And Elevated P/E Will Shape Future ReturnsAnalysts have lifted their HK$ price target for MTR to HK$32.15 from HK$28.41, reflecting updated assumptions on profit margin, long term P/E and housing market exposure, even as some recent research has shifted its rating stance. Analyst Commentary Bullish Takeaways Bullish analysts highlight the higher HK$36.10 target as a sign that, on their assumptions, current pricing still leaves room for re rating if earnings and housing related contributions meet expectations.Reported Earnings • Apr 17Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: EPS: HK$2.36 (down from HK$2.54 in FY 2024). Revenue: HK$55.5b (down 7.6% from FY 2024). Net income: HK$15.3b (down 2.9% from FY 2024). Profit margin: 28% (up from 26% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 6.9%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.내러티브 업데이트 • Apr 0566: Housing Recovery Preference Will Support Higher Margins And Repriced Earnings MultipleAnalysts have modestly lifted their price target on MTR to HK$36.10 from HK$31.30. They cited a shift in preference toward other Buy rated developers for Hong Kong housing recovery exposure, while still reflecting slightly adjusted assumptions around discount rate, revenue growth, profit margin and future P/E.내러티브 업데이트 • Mar 2266: Housing Recovery Preference Will Support Higher Margins And Undervalued Earnings MultipleAnalysts have lifted their price target on MTR to HK$36.10 from HK$31.30, reflecting updated views on revenue growth, profit margins and future P/E assumptions, while still preferring other developer names for housing market exposure. Analyst Commentary The latest call on MTR includes a lower rating paired with a higher price target of HK$36.10, up from HK$31.30.Declared Dividend • Mar 14Final dividend of HK$0.89 announcedDividend of HK$0.89 is the same as last year. Ex-date: 29th May 2026 Payment date: 22nd June 2026 Dividend yield will be 4.0%, which is lower than the industry average of 4.9%. Sustainability & Growth Dividend is covered by earnings (34% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 23% over the next 3 years. However, it would need to fall by 63% to increase the payout ratio to a potentially unsustainable range.공시 • Mar 14MTR Corporation Limited Proposes Final Dividend for the Financial Year Ended 31 December 2025, Payable on 22 June 2026MTR Corporation Limited proposed a final dividend for the financial year ended 31 December 2025. The dividend proposed is HKD 0.89 per share. The shareholders' approval for this dividend is scheduled for 27 May 2026. The ex-dividend date is set for 29 May 2026 and the record date is 05 June 2026. The payment date for the dividend is 22 June 2026.Reported Earnings • Mar 13Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: EPS: HK$2.36 (down from HK$2.54 in FY 2024). Revenue: HK$55.5b (down 7.6% from FY 2024). Net income: HK$15.3b (down 2.9% from FY 2024). Profit margin: 28% (up from 26% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 6.9%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.공시 • Mar 12MTR Corporation Limited, Annual General Meeting, May 27, 2026MTR Corporation Limited, Annual General Meeting, May 27, 2026.내러티브 업데이트 • Mar 0766: Fairly Valued Outlook Will Reflect Higher P/E And Housing Recovery PreferenceAnalysts have nudged their average price target for MTR to about HK$36.60 from HK$36.10, reflecting updated views on fair value and earnings assumptions, even as some recent research has shifted ratings toward Sell. Analyst Commentary Recent research on MTR has been mixed, with some investors rotating toward other Hong Kong housing plays while still adjusting their MTR price assumptions upward.내러티브 업데이트 • Feb 2166: Fairly Valued Outlook Will Reflect Higher P/E And Housing Recovery PreferenceAnalysts have lifted their price target on MTR to HK$36.10 from HK$31.30, reflecting updated fair value assumptions and P/E expectations, while shifting their preference toward other developer names for Hong Kong housing recovery exposure. Analyst Commentary Goldman Sachs has shifted its rating on MTR Corp.공시 • Feb 20MTR Corporation Limited to Report Fiscal Year 2025 Results on Mar 12, 2026MTR Corporation Limited announced that they will report fiscal year 2025 results on Mar 12, 2026내러티브 업데이트 • Feb 0766: Stable Assumptions And Elevated P/E Will Restrain Future ReturnsAnalysts have made only marginal tweaks to their inputs for MTR, keeping the fair value estimate effectively unchanged at about $28.41. Small adjustments to the discount rate, revenue growth outlook, profit margin and future P/E assumptions did not materially shift their overall price target view.분석 기사 • Jan 26MTR Corporation Limited's (HKG:66) Business Is Trailing The Market But Its Shares Aren'tIt's not a stretch to say that MTR Corporation Limited's ( HKG:66 ) price-to-earnings (or "P/E") ratio of 12.1x right...내러티브 업데이트 • Jan 2466: Lower Margin Outlook And Rich P/E Will Pressure Future ReturnsAnalysts have raised their price target for MTR to $28.41 from $27.86, reflecting updated assumptions about discount rates, revenue growth, profit margins and future P/E expectations. Valuation Changes Fair Value: Revised slightly higher from HK$27.86 to HK$28.41, reflecting updated model inputs.분석 기사 • Jan 08Is Now The Time To Put MTR (HKG:66) On Your Watchlist?Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...내러티브 업데이트 • Jan 0866: Higher Profitability Assumptions Will Support A Stronger Future P/E MultipleAnalysts have raised their price target on MTR from $32.00 to $35.55, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Valuation Changes Fair Value: revised from HK$32.00 to HK$35.55, indicating a higher assessed share value.분석 기사 • Dec 12MTR (HKG:66) Has More To Do To Multiply In Value Going ForwardIf we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect...공시 • Nov 20MTR Corporation Limited Appoints Lai Yat-Ching as Alternate Director, Effective 20 November 2025MTR Corporation Limited announced that Mr. Lai Yat-ching (also known as Mr. Anson Lai Yat-ching) (DS for FS&T(T)2) has been appointed by Mr. Hui Ching-yu (also known as Mr. Christopher Hui Ching-yu) (S for FS&T), a NED of the Company, as his Alternate Director with effect from 20 November 2025. Mr. Anson Lai Yat-ching (aged 50) joined the Government of the Hong Kong Special Administrative Region (HKSAR) as an Administrative Officer in 1998. He has served in various bureaux and departments, including the former Housing Bureau, the former Economic Development and Labour Bureau, the Hong Kong Economic and Trade Office in Sydney, the Housing Department, the Chief Executive's Office, the Hong Kong Economic and Trade Office in Geneva and the Tourism Commission. Before taking up the post of the DS for FS&T(T)2, Mr. Lai was the Deputy Director-General of Trade and Industry (Bilateral Trade, Controls & Industries Support). Mr. Lai is currently a director of West Rail Property Development Limited. He is also an alternate director to the S for FS&T on the Board of Hongkong International Theme Parks Limited and an alternate member to the S for FS&T on the Board of Airport Authority Hong Kong. Mr. Lai holds a Bachelor of Economics degree from The University of Hong Kong and a Master of Social Science in Global Political Economy degree from The Chinese University of Hong Kong.공시 • Nov 06MTR Corporation Limited Announces Cessation of Bruno Luk Kar-Kin as an Alternate Director to Hui Ching-Yu, Effective 6 November 2025MTR Corporation Limited announced that Mr. Bruno Luk Kar-kin has ceased to be an Alternate Director to Mr. Hui Ching-yu (also known as Mr. Christopher Hui Ching-yu) (S for FS&T), a NED of the Company, with effect from 6 November 2025. Mr. Luk has confirmed that he has no disagreement with the Board of Directors of the Company (Board' and that there is no other matter relating to his cessation as the Company's Alternate Director as abovementioned that needs to be brought to the attention of the holders of securities of the Company.공시 • Nov 03Mtr Corporation Limited appoints Mr. Wilson Kwong Wing-Tsuen as Hong Kong Transport Services Director of the Company with Effect from 28 January 2026MTR Corporation Limited announced that Mr. Wilson Kwong Wing-tsuen will be appointed as Hong Kong Transport Services Director of the Company with effect from 28 January 2026. He will also become a Member of the Executive Directorate of the Company with effect from the same date. As Hong Kong Transport Services Director, Mr. Kwong will head the Hong Kong Transport Services Business and has overall responsibility for the Company's railway transport operations and its commercial businesses in Hong Kong. These include the metro network, the Airport Express and the High Speed Rail. He will directly report to the Chief Executive Officer of the Company. Mr. Kwong (aged 49) has extensive industry experience in the transportation and logistics sector. He has worked for Jardine Matheson Group since 1998, starting his career with Jardine Aviation Services. Following this, he held senior management positions in engineering, aviation and logistics, real estate development, and asset management. He was previously the Chief Executive Officer of Raffles Quay Asset Management Pte Ltd. from 2009 to 2012, and then the Chief Executive of Jardine Engineering Corporation from 2012 to 2018. He has been the Chief Executive of Hong Kong Air Cargo Terminals Limited since March 2018. Mr. Kwong is currently the chairman of the Employers' Federation of Hong Kong. He is a member of the General Committee of The Hong Kong General Chamber of Commerce and the chairman of its Transport and Logistics Committee as well as a member of its Audit Committee. Mr. Kwong is the chairman of the Programme Advisory Committee Logistics Management of The Hong Kong Management Association, a member of each of the Logistics Services Advisory Committee and the Service Promotion Programme Committee of the Hong Kong Trade Development Council, a member of the Promotion and External Relations Committee of the Hong Kong Maritime and Port Development Board, and a member of the Advisory Committee of the Asian Institute of Supply Chains and Logistics of The Chinese University of Hong Kong. He is also a member of each of the Hong Kong Logistics Development Council, the Minimum Wage Commission, the Land and Development Advisory Committee and the Tripartite Taskforce on Manpower Training (Aviation). Mr. Kwong is a board member of GS1 Hong Kong. Mr. Kwong is a member of The Royal Institution of Chartered Surveyors. He is also a Chartered Fellow of The Chartered Institute of Logistics and Transport in Hong Kong and a Fellow of The Hong Kong Institute of Directors. Mr. Kwong holds a Bachelor of Science degree in Economics from The London School of Economics and Political Science, United Kingdom, a Master of Business Administration degree from The Hong Kong University of Science and Technology, and a Master of Science degree in Real Estate from the University of Reading, United Kingdom. He also obtained a Juris Doctor degree from The Chinese University of Hong Kong. Mr. Kwong was awarded the Medal of Honour by the Government of the Hong Kong Special Administrative Region in 2025.공시 • Oct 24MTR Corporation Limited Announces Change of Alternate DirectorMTR Corporation Limited announced that Mr. Kevin Choi will cease to be an Alternate Director to the office of the S for T&L (Ms Mable Chan), a NED of the Company, with effect from 27 October 2025, as he will cease to hold the post of the PS for T&L with effect from the same date. Mr. Choi has confirmed that he has no disagreement with the Board of Directors of the Company (`Board') and that there is no other matter relating to his cessation as the Company's Alternate Director as abovementioned that needs to be brought to the attention of the holders of securities of the Company. Mr. Yau Cheuk-hang (also known as Mr. Vic Yau Cheuk-hang) will take up the post of the PS for T&L with effect from 17 November 2025 and, by virtue of holding such post, will become an Alternate Director to the office of the S for T&L (Ms Mable Chan), a NED of the Company, with effect from the same date. Mr. Yau (aged 50) joined the Administrative Service of the HKSAR Government in July 1997 and rose to the rank of Administrative Officer Staff Grade A in April 2025. Prior to his appointment to the post of the PS for T&L, he has served in various bureaux and departments, including the Home Affairs Department, the former Home Affairs Bureau, the former Environment, Transport and Works Bureau, the Housing Department, the Chief Executive's Office and the Security Bureau. He was Deputy Secretary for Security from March 2016 to December 2018, Deputy Secretary for Development (Planning and Lands) from December 2018 to February 2023, Director, Preparatory Office for Northern Metropolis from February 2023 to June 2023, and Director, Northern Metropolis Co-ordination Office from June 2023 to November 2025. Mr. Yau holds a Bachelor of Arts degree from The University of Hong Kong, a Master in Public Administration degree from Harvard University, United States of America and a Bachelor of Laws degree from the University of London, United Kingdom.공시 • Oct 15MTR Corporation Limited Announces Board and Committee ChangesMTR Corporation Limited announced that Dr Jacob Kam Chak-pui, currently the CEO, has been appointed as a NED of the Company, upon the expiry of his term as the CEO, and whereupon he would also cease to be a Member of the Executive Directorate, all with effect from 1 January 2026. The Company further announced that, pursuant to Article 117(a) of the Articles, the FSI has notified the Company that Dr Kam will be appointed as the Chairman of the Company with effect from 1 January 2026 until 31 December 2028 (both dates inclusive). The Company further announced that at the same time as Dr Kam becomes the Chairman of the Company, he will also become the chairman of the Environmental & Social Responsibility Committee and a member of each of the Nominations Committee and the Remuneration Committee of the Company. Dr Kam (age 63) joined the Company in 1995 and had held various management positions in the Operations, Projects and Chinese Mainland and International Business Divisions. He was appointed as the CEO on 1 April 2019, and has been a Director since then. Before his CEO appointment, Dr Kam was the Operations Director between January 2011 and April 2016 and the Managing Director Operations and Mainland Business from May 2016. He has been a Member of the Executive Directorate since January 2011. Dr Kam is also a director of some members of the Company's group. As the Chairman of the Company, Dr Kam will lead the Board in ensuring effective management and oversight of the Company's business affairs, formulating the corporate strategy, establishing the corporate governance structure and evaluating the performance of the Executive Directorate. Dr Kam is an Honorary Chairman of the International Association of Public Transport (UITP), a Vice Chairman of the General Committee of The Hong Kong General Chamber of Commerce, a member of the board of directors of The Community Chest of Hong Kong and a member of the General Committee of the Employers' Federation of Hong Kong. He is also a member of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) Sustainable Business Network (ESBN) Executive Council and the chair of its Task Force on Infrastructure and Logistics. Dr Kam qualified as a Chartered Engineer in the United Kingdom in 1989. He is a Council Member and a Chartered Fellow of The Chartered Institute of Logistics and Transport in Hong Kong, a Council Member and a Fellow of The Hong Kong Management Association, a Fellow of Hong Kong Academy of Engineering, a Corporate Member of each of The Hong Kong Institution of Engineers and the Institution of Mechanical Engineers in the United Kingdom, and a Chartered Fellow of The Institution of Occupational Safety and Health in the United Kingdom. Dr Kam holds a Bachelor of Science degree in Civil Engineering from the University of Southampton, and a doctoral degree in Mechanical Engineering from the University of London, both in the United Kingdom. He was awarded an Honorary Fellowship by the Vocational Training Council in 2021. The Company announced that Dr Rex Auyeung Pak-kuen will retire from the position of Chairman, and will also retire as a Director, the chairman of the Environmental & Social Responsibility Committee, and a member of each of the Nominations Committee and the Remuneration Committee, of the Company when his tenure expires after 31 December 2025. Changes in the Composition of Board Committees: The Company further announced that Mr. Adrian Wong Koon-man, an INED of the Company, has been appointed by the Board as a member of the Finance & Investment Committee of the Company and has ceased to be a member of the Audit & Risk Committee of the Company, both with effect from 14 October 2025.내러티브 업데이트 • Sep 18Excessive HK Investments Will Erode Margins And EarningsMTR's consensus price target saw a marginal increase, supported by a slight improvement in net profit margin and a minor decline in future P/E, indicating marginally enhanced earnings quality and value, with fair value now at HK$27.86. What's in the News Board meeting scheduled to consider unaudited interim results and potential interim dividend for H1 2025.내러티브 업데이트 • Aug 27Excessive HK Investments Will Erode Margins And EarningsMTR's fair value was revised marginally lower, driven by a slight decrease in net profit margin and a small uptick in forward P/E, resulting in an updated consensus price target of HK$27.57. What's in the News MTR will hold a board meeting to consider announcing unaudited results for the six months ended 30 June 2025 and discuss an interim dividend.Major Estimate Revision • Aug 21Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from HK$59.8b to HK$56.8b. EPS estimate also fell from HK$2.78 per share to HK$2.39 per share. Net income forecast to shrink 11% next year vs 8.2% growth forecast for Transportation industry in Hong Kong . Consensus price target broadly unchanged at HK$27.86. Share price fell 3.8% to HK$27.26 over the past week.분석 기사 • Aug 19MTR's (HKG:66) Dividend Will Be HK$0.42MTR Corporation Limited's ( HKG:66 ) investors are due to receive a payment of HK$0.42 per share on 16th of September...분석 기사 • Aug 18MTR Corporation Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their PredictionsSEHK:66 1 Year Share Price vs Fair Value Explore MTR's Fair Values from the Community and select yours Last week, you...Declared Dividend • Aug 16First half dividend of HK$0.42 announcedDividend of HK$0.42 is the same as last year. Ex-date: 27th August 2025 Payment date: 16th September 2025 Dividend yield will be 4.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 27% over the next 3 years. However, it would need to fall by 48% to increase the payout ratio to a potentially unsustainable range.Reported Earnings • Aug 15First half 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFirst half 2025 results: EPS: HK$1.24 (up from HK$0.97 in 1H 2024). Revenue: HK$27.4b (down 6.5% from 1H 2024). Net income: HK$7.73b (up 28% from 1H 2024). Profit margin: 28% (up from 21% in 1H 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) exceeded analyst estimates by 7.8%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.공시 • Jul 24MTR Corporation Limited to Report First Half, 2025 Results on Aug 14, 2025MTR Corporation Limited announced that they will report first half, 2025 results on Aug 14, 2025분석 기사 • Jul 21There's Reason For Concern Over MTR Corporation Limited's (HKG:66) PriceWith a median price-to-earnings (or "P/E") ratio of close to 12x in Hong Kong, you could be forgiven for feeling...분석 기사 • Jun 30Is Now The Time To Put MTR (HKG:66) On Your Watchlist?Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...공시 • Jun 25+ 1 more updateMTR Corporation Limited Appoints Jeny Yeung Mei-chun as Director, Effective January 1, 2026Reference is made to MTR Corporation Limited's announcement dated 8 October 2024 in relation to the re-appointment of Dr Jacob Kam Chak-pui as the CEO from 1 April 2025 to 31 December 2025 (both dates inclusive) and the Company's undertaking of a worldwide search to identify the right candidate for the post of the CEO after 31 December 2025. Following such search, the Company announced that Ms. Jeny Yeung Mei-chun, currently the Managing Director - Hong Kong Transport Services and a Member of the Executive Directorate, will be appointed as the CEO and a member of the Environmental & Social Responsibility Committee of the Company, upon the expiry of Dr Kam's term as the CEO, all with effect from 1 January 2026. She will also be appointed as a Director with effect from the same date and will continue to be a Member of the Executive Directorate. As the CEO, Ms. Yeung will be responsible for the overall performance of the Company and its group companies both in and outside of Hong Kong, including in the Mainland of China. Ms. Yeung (age 60) joined the Company in November 1999. She has been the Managing Director - Hong Kong Transport Services since 1 October 2023 and a Member of the Executive Directorate since September 2011. Prior to her current position, Ms. Yeung was the Commercial Director since September 2011, and the Hong Kong Transport Services Director since July 2021. She is currently the Non-Executive Chairman of Octopus Holdings Limited and of two members of the Octopus Holdings Limited group. Ms. Yeung is also a director of some members of the Company's group. Before joining the Company, Ms. Yeung held various marketing and business development positions in Standard Chartered Bank (Hong Kong) Limited and Citibank in Hong Kong. Ms. Yeung is a non-official member of The Hong Kong Housing Authority as well as its Commercial Properties Committee and the Finance Committee. She is also a member of the Hong Kong Trade Development Council Infrastructure Development Advisory Committee and the Council for Carbon Neutrality and Sustainable Development and an independent non-executive director of Hongkong International Theme Parks Limited. Ms. Yeung was previously the Chairman of Ngong Ping 360 Limited, an independent non-executive director of Mox Bank Limited, a director of Hong Kong Cyberport Management Company Limited and a member of the Cyberport Advisory Panel. She was also a member of the Advisory Committee on Enhancing Employment of People with Disabilities and a member of the Hong Kong Tourism Board, as well as a non-official member of the Immigration Department Users' Committee. Ms. Yeung is a Fellow of both The Chartered Institute of Marketing and Hong Kong Institute of Marketing and a Chartered Fellow of The Chartered Institute of Logistics and Transport in Hong Kong. She holds a Bachelor of Social Sciences degree majoring in Management Studies from The University of Hong Kong.분석 기사 • Jun 14Is MTR (HKG:66) A Risky Investment?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...공시 • May 21Mtr Corporation Limited Announces Board and Committee ChangesMTR Corporation Limited in its annual general meeting held on May 21, 2025 approved: Mr. Walter Chan Kar-lok retired as an Independent Non-executive Director (`INED') of the Company and ceased to be the chairman of the Nominations Committee and a member of the Capital Works Committee of the Company; Ir Shen Shuk-ching (also known as Ir Susanna Shen Shuk-ching) has become an INED of the Company and has been appointed by the Board of Directors of the Company as a member of each of the Capital Works Committee and the Technology Advisory Panel of the Company; and Dr Carlson Tong, an INED and a member of each of the Audit & Risk Committee and the Finance & Investment Committee of the Company, has been appointed by the Board as the chairman of the Nominations Committee and has ceased to be a member of the Finance & Investment Committee of the Company. Ir Shen (age 61) has extensive experience in Information Technology. She was formerly the Head of Corporate Information Technology at The Hong Kong and China Gas Co Ltd. (`Towngas') until her retirement in 2024. Ir Shen joined Towngas in 1988 and has held various management positions. She was appointed the Head of Information Technology in Towngas in 2005. Before taking up this role, she was the Chief Operating Officer of iCare.com Limited, previously a subsidiary business of Towngas. The IT team under Ir Shen's leadership was responsible for providing Towngas' IT services and solutions to support the business mission of Towngas and its subsidiaries as well as its Mainland businesses. Ir Shen actively serves in a number of advisory committees, universities, and professional bodies, leveraging her expertise to advance the innovation and technology sector in Hong Zong. She also serves as a member of several advisory committees in the public sector, further solidifying her influence in shaping IT policies. Ir Shen is currently the vice-chairman of the Taxi Service Quality Committee, and a member of each of the Barristers Disciplinary Tribunal Panel, Technical Advisory Committee of Electoral Affairs Commission and Sub-Committee on Access of Rehabilitation Advisory Committee. She is also a member of the Advisory Committee of each of the Information and Communications Technology Industry Training and the Institute of Knowledge Exchange of The Hang Seng University of Hong Kong, as well as a member of each of the IT Advisory Committee of Heep Hong Society, Computer Science Advisory Committee of The University of Hong Kong and IT Management Committee of The Hong Kong Management Association. Ir Shen was formerly a member of the Transport Advisory Committee and the chairman of its Transport Complaint Unit Sub-Committee, and a member of each of the Digital 21 Strategy Advisory Committee, the Personal Data (Privacy) Advisory Committee, the Joint Committee on Information Technology for the Social Welfare and the Finance Committee of Housing Authority. Ir Shen is a Chartered IT Professional of The British Computer Society, a Fellow of The Hong Kong Computer Society, and a Fellow of The Hong Kong Institution of Engineers. Ir Shen holds an Executive Master of Business Administration (EMBA) degree from the City University of Hong Kong.Upcoming Dividend • May 16Upcoming dividend of HK$0.89 per shareEligible shareholders must have bought the stock before 23 May 2025. Payment date: 13 June 2025. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (4.5%).공시 • May 10Mtr Corporation Limited Announces Appointment of Kevin Choi as A Director on 14 April 2025MTR Corporation Limited announced appointment of Kevin Choi as a director on 14 April 2025. Business Occupation: Senior Government Official.Reported Earnings • Apr 12Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: HK$2.54 (up from HK$1.26 in FY 2023). Revenue: HK$60.0b (up 5.3% from FY 2023). Net income: HK$15.8b (up 103% from FY 2023). Profit margin: 26% (up from 14% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 7.0%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.새로운 내러티브 • Mar 09Heavy Railway Investments Will Compress Future Net Margins Large financial commitments toward railway expansion and asset maintenance may pressure net margins and limit future revenue generation. Declared Dividend • Mar 08Final dividend of HK$0.89 announcedDividend of HK$0.89 is the same as last year. Ex-date: 23rd May 2025 Payment date: 13th June 2025 Dividend yield will be 5.0%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 6.6% over the next 3 years. However, it would need to fall by 43% to increase the payout ratio to a potentially unsustainable range.Reported Earnings • Mar 07Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: HK$2.54 (up from HK$1.26 in FY 2023). Revenue: HK$60.0b (up 5.3% from FY 2023). Net income: HK$15.8b (up 103% from FY 2023). Profit margin: 26% (up from 14% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 7.0%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.공시 • Mar 06MTR Corporation Limited Proposes Final Dividend for the Financial Year Ended 31 December 2024, Payable on 13 June 2025MTR Corporation Limited proposed a final dividend for the financial year ended 31 December 2024. The dividend declared is HKD 0.89 per share. The shareholders' approval for this dividend is scheduled for 21 May 2025. The ex-dividend date is set for 23 May 2025, and the record date is 30 May 2025. The payment date for the dividend is 13 June 2025.공시 • Feb 14MTR Corporation Limited to Report Fiscal Year 2024 Results on Mar 06, 2025MTR Corporation Limited announced that they will report fiscal year 2024 results at 9:30 AM, China Standard Time on Mar 06, 2025공시 • Dec 30MTR Corporation Limited Announces Change of Alternate DirectorMTR Corporation Limited announced that Ms. Ida Lee Bik-sai has ceased to be an Alternate Director to the office of the Secretary for Transport and Logistics (S for T&L) (Ms. Mable Chan), a Non-executive Director (`NED') of the Company, with effect from 30 December 2024, as she has ceased to hold the post of the Deputy Secretary for Transport and Logistics 2 (`DS (TL) 2') with effect from the same date; and Mr. Yip Hoi-ying (also known as Mr. Kirk Yip Hoi-ying) has taken up the post of the DS (TL) 2 with effect from 30 December 2024 and, by virtue of holding such post, has become an Alternate Director to the office of the S for T&L (Ms. Mable Chan), a NED of the Company, with effect from the same date. Ms. Ida Lee Bik-sai has ceased to be an Alternate Director to the office of the S for T&L (Ms. Mable Chan), a NED of the Company, with effect from 30 December 2024, as she has ceased to hold the post of the DS (TL) 2 with effect from the same date. Ms. Lee has confirmed that she has no disagreement with the Board of Directors of the Company (`Board') and that there is no other matter relating to her cessation as the Company's Alternate Director as abovementioned that needs to be brought to the attention of the holders of securities of the Company. Mr. Yip Hoi-ying (also known as Mr. Kirk Yip Hoi-ying) has taken up the post of the DS (TL) 2 with effect from 30 December 2024 and, by virtue of holding such post, has become an Alternate Director to the office of the S for T&L (Ms. Mable Chan), a NED of the Company, with effect from the same date. Mr. Yip (aged 45) joined the Administrative Service of the HKSAR Government in 2004. Prior to his appointment to the post of the DS (TL) 2, he has served in various bureaux and departments, including as the Press Secretary to Financial Secretary from 2015 to 2018, Principal Assistant Secretary for Culture, Sports and Tourism (West Kowloon Cultural District) (formerly named Principal Assistant Secretary for Home Affairs (West Kowloon Cultural District)) from 2019 to 2023 and Principal Assistant Secretary for Transport and Logistics 3 from 2023 to 2024. Mr. Yip, in his official capacity as the DS (TL) 2, serves as a director of several transport- related companies including Citybus Limited, The Kowloon Motor Bus Company (1933) Limited, Long Win Bus Company Limited, New Lantao Bus Company (1973) Limited and The "Star" Ferry Company Limited. Mr. Yip holds a Bachelor of Social Science degree from The Chinese University of Hong Kong.공시 • Dec 19MTR Corporation Limited Announces Retirement of Dr. Lee Kar-Yun as Operations and Innovation Director, Effective from 1 May 2025MTR Corporation Limited announced that Dr. Lee Kar-yun (also known as Dr. Tony Lee Kar-yun), currently the Operations and Innovation Director of the Company, has informed the Company that he will retire from the Company after 30 April 2025 upon completion of his existing service agreement with the Company. Accordingly, with effect from 1 May 2025, Dr. Lee will cease to be the Operations and Innovation Director, a Member of the Executive Directorate, and a director of several subsidiaries of the Company. Upon Dr. Lee's retirement, his existing responsibilities for the Company's railway-related asset performance, asset management, new railway projects operations planning and development, operations safety and quality in Hong Kong will be subsumed under the Managing Director - Hong Kong Transport Services of the Company, who remains overall responsible for the Company's railway operations in Hong Kong. Further, upon Dr. Lee's retirement, the Company's Digitalisation and Innovation Department, which is responsible for corporate-wide technology and innovation-related matters, will be overseen by the Chief Executive Officer of the Company directly. Dr. Lee has confirmed that he has no disagreement with the Board of Directors (the `Board') or the Executive Directorate of the Company and that there is no other matter relating to his retirement that needs to be brought to the attention of the holders of securities of the Company.Reported Earnings • Sep 14First half 2024 earnings: EPS and revenues exceed analyst expectationsFirst half 2024 results: EPS: HK$0.97 (up from HK$0.67 in 1H 2023). Revenue: HK$29.3b (up 6.2% from 1H 2023). Net income: HK$6.04b (up 45% from 1H 2023). Profit margin: 21% (up from 15% in 1H 2023). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.공시 • Sep 05MTR Corporation Limited Announces Alternate Director ChangesMTR Corporation Limited announced that Mr. Maurice Loo Kam-wah has ceased to be an Alternate Director to Mr. Hui Ching-yu (also known as Mr. Christopher Hui Ching-yu) (S for FS&T), a NED of the Company, with effect from 5 September 2024. Mr. Loo has confirmed that he has no disagreement with the Board of Directors of the Company (`Board') and that there is no other matter relating to his cessation as an Alternate Director of the Company as abovementioned that needs to be brought to the attention of the holders of securities of the Company. The Company further announces that Mr. Bruno Luk Kar-kin (DS for FS&T(T)2) has been appointed by Mr. Christopher Hui Ching-yu (S for FS&T), a NED of the Company, as his Alternate Director with effect from 5 September 2024. Mr. Bruno Luk Kar-kin (aged 55) joined the Government of the Hong Kong Special Administrative Region (`HKSAR') as an Administrative Officer in 1998. He has served in various bureaux and departments, including the Islands District Office, the former Environment and Food Bureau, the Civil Service Bureau, the former Food and Health Bureau, the Chief Secretary for Administration's Office, the Hong Kong Economic and Trade Office in Singapore and the Environmental Protection Department. Before taking up the post of the DS for FS&T(T)2, Mr. Luk was the Deputy Director of Environmental Protection (Waste Reduction). Mr. Luk is currently a director of West Rail Property Development Limited. He is also an alternate director and alternate member to the S for FS&T on the respective Boards of Hongkong International Theme Parks Limited and Airport Authority Hong Kong. Mr. Luk holds a Bachelor of Science degree in Electrical Engineering from the State University of New York at Buffalo, the United States of America (`USA'), a Master of Business Administration degree from the University of Western Ontario, Canada and an Advanced Certificate in Public Administration from the Syracuse University, USA. Mr. Luk has not entered into any contract of service with the Company as an Alternate Director to Mr. Christopher Hui Ching-yu nor is he appointed for a specific term. He does not receive any emoluments from the Company as an Alternate Director to Mr. Hui.Declared Dividend • Aug 17First half dividend of HK$0.42 announcedDividend of HK$0.42 is the same as last year. Ex-date: 28th August 2024 Payment date: 17th September 2024 Dividend yield will be 4.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (84% earnings payout ratio) but not covered by cash flows (dividend approximately 10x free cash flows). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Aug 16First half 2024 earnings: EPS and revenues exceed analyst expectationsFirst half 2024 results: EPS: HK$0.97 (up from HK$0.67 in 1H 2023). Revenue: HK$29.3b (up 6.2% from 1H 2023). Net income: HK$6.04b (up 45% from 1H 2023). Profit margin: 21% (up from 15% in 1H 2023). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.공시 • Aug 15MTR Corporation Limited Announces an Interim Dividend for the Six Months Ended 30 June 2024, Payable on 17 September 2024MTR Corporation Limited announced an interim dividend of HKD 0.42 per share for the six months ended 30 June 2024. Ex-dividend date is 28 August 2024. Record date is 4 September 2024. Payment date is 17 September 2024.공시 • Aug 08MTR Corporation Limited Announces Change of Alternate DirectorMTR Corporation Limited announces the following changes: Ms Macella Lee Sui-chun has ceased to be the Alternate Director to the office of the Commissioner for Transport, a Non-executive Director of the Company, with effect from 18 July 2024 at the same time as her retirement from the post of the Deputy Commissioner for Transport /Transport Services and Management; and the company further announces that Ms Kwok Wai-ying (also known as Ms Candy Kwok Wai-ying), who took up the post of the DC for T/TS and M on 18 July 2024, has, by virtue of holding such post, been appointed as the Alternate Director to the office of the C for T (Ms Angela Lee Chung-yan), a NED of the Company, with effect from 29 July 2024. The office of the C for T is a NED of the Company appointed by the Chief Executive of the Hong Kong Special Administrative Region (`HKSAR') pursuant to the Mass Transit Railway Ordinance (Chapter 556 of the Laws of Hong Kong), and has appointed the DC for T/TS and M as her Alternate Director. Ms Kwok (aged 54) joined the Transport Department of the Hong Kong Government in June 1997. Before taking up the post of the DC for T/TS and M, she was the Assistant Commissioner for Transport /Administration and Licensing, and the Assistant Commissioner for Transport /Management and Paratransit. Ms Kwok holds a Bachelor of Social Sciences degree from The University of Hong Kong. Ms Kwok has not entered into any contract of service with the Company as the Alternate Director to the office of the C for T (Ms Angela Lee Chung-yan) nor is she appointed for a specific term. She does not receive any emoluments from the Company as the Alternate Director to the office of the C for T (Ms Angela Lee Chung-yan).공시 • Jul 25MTR Corporation Limited to Report Q2, 2024 Results on Aug 15, 2024MTR Corporation Limited announced that they will report Q2, 2024 results on Aug 15, 2024공시 • Jun 08MTR Corporation Limited Declares Final Dividend for the Year Ended 31 December 2023, Payable on 16 July 2024MTR Corporation Limited declared Final Dividend of HKD 0.89 per share for the Year Ended 31 December 2023. Ex-dividend date is 24 May 2024. Record date is 31 May 2024. Payment date is 16 July 2024.공시 • May 24MTR Corporation Limited Announces Changes in Composition of Board Committees and Advisory PanelMTR Corporation Limited at its Annual General Meeting held on 22 May 2024, the company announced the following changes in the composition of the following Board Committees and Advisory Panel of the Company with effect from the conclusion of the 2024 AGM: Dr. Dorothy Chan Yuen Tak-fai, who retired as an Independent Non-executive Director (INED) of the Company as abovementioned, has ceased to be the chairman of the Remuneration Committee and a member of the Capital Works Committee of the Company; Ms. Rose Lee Wai-mun, who retired as an INED of the Company as abovementioned, has ceased to be a member of each of the Finance & Investment Committee and the Remuneration Committee of the Company; Ms. Ayesha Abbas MACPHERSON (also known as Mrs. Ayesha Macpherson LAU), who has become an INED of the Company as abovementioned, has been appointed by the Board as a member of each of the Audit & Risk Committee and the Finance & Investment Committee of the Company; The Permanent Secretary for Development (Works) (Mr. Ricky Lau Chun-kit), a NED and a member of each of the Capital Works Committee and the Nominations Committee of the Company, has been appointed by the Board as a member of the Technology Advisory Panel of the Company and has ceased to be a member of the Nominations Committee of the Company both at the same time; The Commissioner for Transport (Ms. Angela Lee Chung-yan), a NED and a member of each of the Audit & Risk Committee and the Technology Advisory Panel of the Company, has been appointed by the Board as a member of the Environmental & Social Responsibility Committee of the Company and has ceased to be a member of the Technology Advisory Panel of the Company both at the same time; Dr. Bunny Chan Chung-bun, an INED and a member of each of the Environmental & Social Responsibility Committee and the Finance & Investment Committee of the Company, has been appointed by the Board as a member of the Remuneration Committee of the Company and has ceased to be a member of the Finance & Investment Committee of the Company both at the same time; Mr. Hui Siu-wai, an INED and a member of each of the Audit & Risk Committee and the Capital Works Committee of the Company, has been appointed by the Board as a member of the Remuneration Committee of the Company and has ceased to be a member of the Audit & Risk Committee of the Company both at the same time; Mr. Sunny Lee Wai-kwong, an INED, the chairman of the Technology Advisory Panel and a member of the Nominations Committee of the Company, has been appointed by the Board as a member of the Capital Works Committee of the Company and has ceased to be a member of the Nominations Committee of the Company both at the same time; Mr. Jimmy Ng Wing-ka, an INED and a member of each of the Environmental & Social Responsibility Committee and the Nominations Committee of the Company, has been appointed by the Board as a member of the Technology Advisory Panel of the Company and has ceased to be a member of the Environmental & Social Responsibility Committee of the Company both at the same time; Dr. Carlson Tong, an INED, the chairman of the Audit & Risk Committee and a member of the Finance & Investment Committee of the Company, has stepped down as the chairman, but remains as a member, of the Audit & Risk Committee of the Company; Ms Sandy Wong Hang-yee, an INED and a member of each of the Environmental & Social Responsibility Committee and the Technology Advisory Panel of the Company, has been appointed by the Board as a member of the Nominations Committee of the Company and has ceased to be a member of the Technology Advisory Panel of the Company both at the same time; Mr. ADr.ian Wong Koon-man, an INED and a member of each of the Audit & Risk Committee and the Remuneration Committee of the Company, has been appointed by the Board as the chairman of the Remuneration Committee of the Company; and Professor Anna Wong Wai-kwan, an INED and a member of each of the Audit & Risk Committee and the Nominations Committee of the Company, has been appointed by the Board as the chairman of the Audit & Risk Committee of the Company and a member of the Finance & Investment Committee of the Company, and has ceased to be a member of the Nominations Committee of the Company, all at the same time.Upcoming Dividend • May 17Upcoming dividend of HK$0.89 per shareEligible shareholders must have bought the stock before 24 May 2024. Payment date: 16 July 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.5%. Lower than top quartile of Hong Kong dividend payers (7.5%). In line with average of industry peers (4.4%).Reported Earnings • Apr 12Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: HK$1.26 (down from HK$1.59 in FY 2022). Revenue: HK$57.0b (up 19% from FY 2022). Net income: HK$7.78b (down 21% from FY 2022). Profit margin: 14% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.4%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings.Buy Or Sell Opportunity • Mar 15Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 15% to HK$25.40. The fair value is estimated to be HK$32.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are also forecast to grow by 16% per annum over the same time period.Major Estimate Revision • Mar 14Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from HK$61.0b to HK$60.2b. EPS estimate also fell from HK$2.73 per share to HK$2.25 per share. Net income forecast to grow 78% next year vs 13% growth forecast for Transportation industry in Hong Kong. Consensus price target down from HK$32.31 to HK$30.46. Share price rose 2.6% to HK$25.70 over the past week.공시 • Mar 08MTR Corporation Limited, Annual General Meeting, May 22, 2024MTR Corporation Limited, Annual General Meeting, May 22, 2024.Reported Earnings • Mar 08Full year 2023 earnings: EPS exceeds analyst expectationsFull year 2023 results: EPS: HK$1.26 (down from HK$1.59 in FY 2022). Revenue: HK$57.0b (up 19% from FY 2022). Net income: HK$7.78b (down 21% from FY 2022). Profit margin: 14% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings.공시 • Mar 07MTR Corporation Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 16 July 2024MTR Corporation Limited proposed Final Dividend of HKD 0.89 per share for the Year ended 31 December 2023. Date of shareholders' approval is 22 May 2024. Ex-dividend date is 24 May 2024. Record date is 31 May 2024. Payment date is 16 July 2024.Price Target Changed • Feb 29Price target decreased by 8.0% to HK$34.06Down from HK$37.03, the current price target is an average from 10 analysts. New target price is 31% above last closing price of HK$26.00. Stock is down 35% over the past year. The company is forecast to post earnings per share of HK$1.24 for next year compared to HK$1.59 last year.Buy Or Sell Opportunity • Feb 23Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 11% to HK$26.35. The fair value is estimated to be HK$33.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 62%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 17% per annum over the same time period.공시 • Feb 16MTR Corporation Limited to Report Fiscal Year 2023 Results on Mar 07, 2024MTR Corporation Limited announced that they will report fiscal year 2023 results on Mar 07, 2024Price Target Changed • Jan 05Price target decreased by 7.6% to HK$38.06Down from HK$41.21, the current price target is an average from 10 analysts. New target price is 35% above last closing price of HK$28.10. Stock is down 33% over the past year. The company is forecast to post earnings per share of HK$1.40 for next year compared to HK$1.59 last year.공시 • Sep 27MTR Corporation Limited Announces Management Changes, Effective 1 October 2023MTR Corporation Limited announced that Dr Lee Kar-yun (also known as Dr Tony Lee Kar-yun), currently the Operations Director of the Company, will take up an additional role to oversee the Company's Digitalisation and Innovation Department and will be retitled as the Operations and Innovation Director with effect from 1 October 2023. He will continue to be a Member of the Executive Directorate of the Company. With effect from 1 October 2023, Dr Lee will retain his responsibility for the Company's railway-related asset performance, asset management, new railway projects operations planning and development, operations safety and quality in Hong Kong as well as innovation and technological development in Hong Kong Transport Services. In this regard, he will continue to report directly to the Hong Kong Transport Services Director of the Company, who remains overall responsible for the Company's railway operations in Hong Kong. In addition, Dr Lee will also oversee the Company's Digitalisation and Innovation Department with a view to establishing an integrated technology and innovation framework across the Company and will report directly to the Chief Executive Officer of the Company on corporate-wide technology and innovation-related matters, with effect from 1 October 2023. Dr Lee (aged 62) joined the Company in 1991 and has held various management positions related to the design, construction, operations and maintenance of the Company's railway system in Hong Kong. He took up the position of Chief of Operations Engineering in September 2013 and was appointed as Deputy Operations Director in November 2019. Dr Lee has been the Operations Director and a Member of the Executive Directorate since 1 January 2020. He is also the Chairman of MTR Lab Company Limited, a wholly-owned subsidiary of the Company, and a director of some of the members of the Company's group. Dr Lee is a Chartered Engineer and is a Member of The Hong Kong Institution of Engineers, The Institution of Engineering and Technology and The Hong Kong Institute of Directors. He is also a Member of the Advisory Committee of the Department of Electrical and Electronic Engineering of The University of Hong Kong, the Engineering Discipline Advisory Board of the Hong Kong Institute of Vocational Education and a Member of the Technical Committee of National Rail Transit Electrification and Automation Engineering Technology Research Center (Hong Kong Branch). Dr Lee holds a Doctoral degree in Engineering and a Master degree in Philosophy both from The Hong Kong Polytechnic University and a Master of Business Administration degree from The Open University of Hong Kong (now known as Hong Kong Metropolitan University). Dr Lee has signed a side letter with the Company to reflect his new position and additional role mentioned above, which will take effect from 1 October 2023, and to extend his term of service for one year until 31 December 2024, with no change to the other existing terms (including remuneration) of his existing service agreement.이익 및 매출 성장 예측SEHK:66 - 애널리스트 향후 추정치 및 과거 재무 데이터 (HKD Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202858,39412,680-18,62513,958912/31/202757,79912,261-10,05715,9901212/31/202655,68217,154-5,77117,2371212/31/202555,46514,677-10,27511,874N/A9/30/202556,78316,069-7,79914,334N/A6/30/202558,10017,461-5,32416,793N/A3/31/202559,05616,617-3,42117,642N/A12/31/202460,01115,772-1,51818,491N/A9/30/202459,34512,711-41916,999N/A6/30/202458,6799,65068015,506N/A3/31/202457,8318,717-22813,352N/A12/31/202356,9827,784-1,13611,197N/A9/30/202354,6688,529-7,3169,025N/A6/30/202352,3539,273-13,4976,852N/A3/31/202350,0839,550-13,0126,805N/A12/31/202247,8129,827-12,5276,757N/A9/30/202247,86510,719-7,1656,895N/A6/30/202247,91811,611-1,8037,032N/A3/31/202247,56010,582-1,4867,252N/A12/31/202147,2029,552-1,1707,472N/A9/30/202145,2343,875-1,8575,879N/A6/30/202143,266-1,802-2,5444,285N/A3/31/202142,904-3,305-3,9472,529N/A12/31/202042,541-4,809-5,350772N/A9/30/202045,183642-3,3334,237N/A6/30/202047,8246,092-1,3177,702N/A3/31/202051,1649,0123,35212,373N/A12/31/201954,50411,9328,02017,043N/A9/30/201955,16713,182N/A16,617N/A6/30/201955,82914,431N/A16,190N/A3/31/201954,88015,220N/A13,570N/A12/31/201853,93016,008N/A10,950N/A9/30/201852,87016,220N/A13,196N/A6/30/201851,80916,432N/A15,442N/A3/31/201853,62516,631N/A17,523N/A12/31/201755,44016,829N/A19,603N/A9/30/201754,66314,721N/A18,104N/A6/30/201753,88612,613N/A16,605N/A3/31/201749,53811,434N/A16,870N/A12/31/201645,18910,254N/A17,135N/A9/30/201643,99410,090N/A15,922N/A6/30/201642,7989,926N/A14,708N/A3/31/201642,25011,460N/A14,825N/A12/31/201541,70112,994N/A14,941N/A9/30/201541,29814,439N/A15,814N/A6/30/201540,89515,883N/A16,687N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 66 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -5.4%).수익 vs 시장: 66 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -5.4%).고성장 수익: 66 의 수익은 향후 3년간 감소할 것으로 예상됩니다.수익 대 시장: 66 의 수익(연간 3.1%)이 Hong Kong 시장(연간 8.7%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: 66 의 수익(연간 3.1%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 66의 자본 수익률은 3년 후 4.3%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YTransportation 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/26 15:14종가2026/05/26 00:00수익2025/12/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스MTR Corporation Limited는 29명의 분석가가 다루고 있습니다. 이 중 12명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Karl ChoiBofA Global ResearchShui Lung ChoiCitigroup Incnull nullCLSA26명의 분석가 더 보기
Major Estimate Revision • Aug 21Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from HK$59.8b to HK$56.8b. EPS estimate also fell from HK$2.78 per share to HK$2.39 per share. Net income forecast to shrink 11% next year vs 8.2% growth forecast for Transportation industry in Hong Kong . Consensus price target broadly unchanged at HK$27.86. Share price fell 3.8% to HK$27.26 over the past week.
분석 기사 • Aug 18MTR Corporation Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their PredictionsSEHK:66 1 Year Share Price vs Fair Value Explore MTR's Fair Values from the Community and select yours Last week, you...
Major Estimate Revision • Mar 14Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from HK$61.0b to HK$60.2b. EPS estimate also fell from HK$2.73 per share to HK$2.25 per share. Net income forecast to grow 78% next year vs 13% growth forecast for Transportation industry in Hong Kong. Consensus price target down from HK$32.31 to HK$30.46. Share price rose 2.6% to HK$25.70 over the past week.
Price Target Changed • Feb 29Price target decreased by 8.0% to HK$34.06Down from HK$37.03, the current price target is an average from 10 analysts. New target price is 31% above last closing price of HK$26.00. Stock is down 35% over the past year. The company is forecast to post earnings per share of HK$1.24 for next year compared to HK$1.59 last year.
Price Target Changed • Jan 05Price target decreased by 7.6% to HK$38.06Down from HK$41.21, the current price target is an average from 10 analysts. New target price is 35% above last closing price of HK$28.10. Stock is down 33% over the past year. The company is forecast to post earnings per share of HK$1.40 for next year compared to HK$1.59 last year.
Upcoming Dividend • May 22Upcoming dividend of HK$0.89 per shareEligible shareholders must have bought the stock before 29 May 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Hong Kong dividend payers (6.9%). In line with average of industry peers (4.1%).
내러티브 업데이트 • May 0466: Housing Recovery Preference Will Limit Upside For This Transport Property HybridAnalysts have raised their price target for MTR Corp. to HK$36.10 from HK$31.30, while turning more cautious on the stock as they now prefer other Hong Kong developers for exposure to a potential housing market recovery.
내러티브 업데이트 • Apr 1966: Housing Recovery Exposure And Elevated P/E Will Shape Future ReturnsAnalysts have lifted their HK$ price target for MTR to HK$32.15 from HK$28.41, reflecting updated assumptions on profit margin, long term P/E and housing market exposure, even as some recent research has shifted its rating stance. Analyst Commentary Bullish Takeaways Bullish analysts highlight the higher HK$36.10 target as a sign that, on their assumptions, current pricing still leaves room for re rating if earnings and housing related contributions meet expectations.
Reported Earnings • Apr 17Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: EPS: HK$2.36 (down from HK$2.54 in FY 2024). Revenue: HK$55.5b (down 7.6% from FY 2024). Net income: HK$15.3b (down 2.9% from FY 2024). Profit margin: 28% (up from 26% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 6.9%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
내러티브 업데이트 • Apr 0566: Housing Recovery Preference Will Support Higher Margins And Repriced Earnings MultipleAnalysts have modestly lifted their price target on MTR to HK$36.10 from HK$31.30. They cited a shift in preference toward other Buy rated developers for Hong Kong housing recovery exposure, while still reflecting slightly adjusted assumptions around discount rate, revenue growth, profit margin and future P/E.
내러티브 업데이트 • Mar 2266: Housing Recovery Preference Will Support Higher Margins And Undervalued Earnings MultipleAnalysts have lifted their price target on MTR to HK$36.10 from HK$31.30, reflecting updated views on revenue growth, profit margins and future P/E assumptions, while still preferring other developer names for housing market exposure. Analyst Commentary The latest call on MTR includes a lower rating paired with a higher price target of HK$36.10, up from HK$31.30.
Declared Dividend • Mar 14Final dividend of HK$0.89 announcedDividend of HK$0.89 is the same as last year. Ex-date: 29th May 2026 Payment date: 22nd June 2026 Dividend yield will be 4.0%, which is lower than the industry average of 4.9%. Sustainability & Growth Dividend is covered by earnings (34% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 23% over the next 3 years. However, it would need to fall by 63% to increase the payout ratio to a potentially unsustainable range.
공시 • Mar 14MTR Corporation Limited Proposes Final Dividend for the Financial Year Ended 31 December 2025, Payable on 22 June 2026MTR Corporation Limited proposed a final dividend for the financial year ended 31 December 2025. The dividend proposed is HKD 0.89 per share. The shareholders' approval for this dividend is scheduled for 27 May 2026. The ex-dividend date is set for 29 May 2026 and the record date is 05 June 2026. The payment date for the dividend is 22 June 2026.
Reported Earnings • Mar 13Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: EPS: HK$2.36 (down from HK$2.54 in FY 2024). Revenue: HK$55.5b (down 7.6% from FY 2024). Net income: HK$15.3b (down 2.9% from FY 2024). Profit margin: 28% (up from 26% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 6.9%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.
공시 • Mar 12MTR Corporation Limited, Annual General Meeting, May 27, 2026MTR Corporation Limited, Annual General Meeting, May 27, 2026.
내러티브 업데이트 • Mar 0766: Fairly Valued Outlook Will Reflect Higher P/E And Housing Recovery PreferenceAnalysts have nudged their average price target for MTR to about HK$36.60 from HK$36.10, reflecting updated views on fair value and earnings assumptions, even as some recent research has shifted ratings toward Sell. Analyst Commentary Recent research on MTR has been mixed, with some investors rotating toward other Hong Kong housing plays while still adjusting their MTR price assumptions upward.
내러티브 업데이트 • Feb 2166: Fairly Valued Outlook Will Reflect Higher P/E And Housing Recovery PreferenceAnalysts have lifted their price target on MTR to HK$36.10 from HK$31.30, reflecting updated fair value assumptions and P/E expectations, while shifting their preference toward other developer names for Hong Kong housing recovery exposure. Analyst Commentary Goldman Sachs has shifted its rating on MTR Corp.
공시 • Feb 20MTR Corporation Limited to Report Fiscal Year 2025 Results on Mar 12, 2026MTR Corporation Limited announced that they will report fiscal year 2025 results on Mar 12, 2026
내러티브 업데이트 • Feb 0766: Stable Assumptions And Elevated P/E Will Restrain Future ReturnsAnalysts have made only marginal tweaks to their inputs for MTR, keeping the fair value estimate effectively unchanged at about $28.41. Small adjustments to the discount rate, revenue growth outlook, profit margin and future P/E assumptions did not materially shift their overall price target view.
분석 기사 • Jan 26MTR Corporation Limited's (HKG:66) Business Is Trailing The Market But Its Shares Aren'tIt's not a stretch to say that MTR Corporation Limited's ( HKG:66 ) price-to-earnings (or "P/E") ratio of 12.1x right...
내러티브 업데이트 • Jan 2466: Lower Margin Outlook And Rich P/E Will Pressure Future ReturnsAnalysts have raised their price target for MTR to $28.41 from $27.86, reflecting updated assumptions about discount rates, revenue growth, profit margins and future P/E expectations. Valuation Changes Fair Value: Revised slightly higher from HK$27.86 to HK$28.41, reflecting updated model inputs.
분석 기사 • Jan 08Is Now The Time To Put MTR (HKG:66) On Your Watchlist?Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
내러티브 업데이트 • Jan 0866: Higher Profitability Assumptions Will Support A Stronger Future P/E MultipleAnalysts have raised their price target on MTR from $32.00 to $35.55, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Valuation Changes Fair Value: revised from HK$32.00 to HK$35.55, indicating a higher assessed share value.
분석 기사 • Dec 12MTR (HKG:66) Has More To Do To Multiply In Value Going ForwardIf we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect...
공시 • Nov 20MTR Corporation Limited Appoints Lai Yat-Ching as Alternate Director, Effective 20 November 2025MTR Corporation Limited announced that Mr. Lai Yat-ching (also known as Mr. Anson Lai Yat-ching) (DS for FS&T(T)2) has been appointed by Mr. Hui Ching-yu (also known as Mr. Christopher Hui Ching-yu) (S for FS&T), a NED of the Company, as his Alternate Director with effect from 20 November 2025. Mr. Anson Lai Yat-ching (aged 50) joined the Government of the Hong Kong Special Administrative Region (HKSAR) as an Administrative Officer in 1998. He has served in various bureaux and departments, including the former Housing Bureau, the former Economic Development and Labour Bureau, the Hong Kong Economic and Trade Office in Sydney, the Housing Department, the Chief Executive's Office, the Hong Kong Economic and Trade Office in Geneva and the Tourism Commission. Before taking up the post of the DS for FS&T(T)2, Mr. Lai was the Deputy Director-General of Trade and Industry (Bilateral Trade, Controls & Industries Support). Mr. Lai is currently a director of West Rail Property Development Limited. He is also an alternate director to the S for FS&T on the Board of Hongkong International Theme Parks Limited and an alternate member to the S for FS&T on the Board of Airport Authority Hong Kong. Mr. Lai holds a Bachelor of Economics degree from The University of Hong Kong and a Master of Social Science in Global Political Economy degree from The Chinese University of Hong Kong.
공시 • Nov 06MTR Corporation Limited Announces Cessation of Bruno Luk Kar-Kin as an Alternate Director to Hui Ching-Yu, Effective 6 November 2025MTR Corporation Limited announced that Mr. Bruno Luk Kar-kin has ceased to be an Alternate Director to Mr. Hui Ching-yu (also known as Mr. Christopher Hui Ching-yu) (S for FS&T), a NED of the Company, with effect from 6 November 2025. Mr. Luk has confirmed that he has no disagreement with the Board of Directors of the Company (Board' and that there is no other matter relating to his cessation as the Company's Alternate Director as abovementioned that needs to be brought to the attention of the holders of securities of the Company.
공시 • Nov 03Mtr Corporation Limited appoints Mr. Wilson Kwong Wing-Tsuen as Hong Kong Transport Services Director of the Company with Effect from 28 January 2026MTR Corporation Limited announced that Mr. Wilson Kwong Wing-tsuen will be appointed as Hong Kong Transport Services Director of the Company with effect from 28 January 2026. He will also become a Member of the Executive Directorate of the Company with effect from the same date. As Hong Kong Transport Services Director, Mr. Kwong will head the Hong Kong Transport Services Business and has overall responsibility for the Company's railway transport operations and its commercial businesses in Hong Kong. These include the metro network, the Airport Express and the High Speed Rail. He will directly report to the Chief Executive Officer of the Company. Mr. Kwong (aged 49) has extensive industry experience in the transportation and logistics sector. He has worked for Jardine Matheson Group since 1998, starting his career with Jardine Aviation Services. Following this, he held senior management positions in engineering, aviation and logistics, real estate development, and asset management. He was previously the Chief Executive Officer of Raffles Quay Asset Management Pte Ltd. from 2009 to 2012, and then the Chief Executive of Jardine Engineering Corporation from 2012 to 2018. He has been the Chief Executive of Hong Kong Air Cargo Terminals Limited since March 2018. Mr. Kwong is currently the chairman of the Employers' Federation of Hong Kong. He is a member of the General Committee of The Hong Kong General Chamber of Commerce and the chairman of its Transport and Logistics Committee as well as a member of its Audit Committee. Mr. Kwong is the chairman of the Programme Advisory Committee Logistics Management of The Hong Kong Management Association, a member of each of the Logistics Services Advisory Committee and the Service Promotion Programme Committee of the Hong Kong Trade Development Council, a member of the Promotion and External Relations Committee of the Hong Kong Maritime and Port Development Board, and a member of the Advisory Committee of the Asian Institute of Supply Chains and Logistics of The Chinese University of Hong Kong. He is also a member of each of the Hong Kong Logistics Development Council, the Minimum Wage Commission, the Land and Development Advisory Committee and the Tripartite Taskforce on Manpower Training (Aviation). Mr. Kwong is a board member of GS1 Hong Kong. Mr. Kwong is a member of The Royal Institution of Chartered Surveyors. He is also a Chartered Fellow of The Chartered Institute of Logistics and Transport in Hong Kong and a Fellow of The Hong Kong Institute of Directors. Mr. Kwong holds a Bachelor of Science degree in Economics from The London School of Economics and Political Science, United Kingdom, a Master of Business Administration degree from The Hong Kong University of Science and Technology, and a Master of Science degree in Real Estate from the University of Reading, United Kingdom. He also obtained a Juris Doctor degree from The Chinese University of Hong Kong. Mr. Kwong was awarded the Medal of Honour by the Government of the Hong Kong Special Administrative Region in 2025.
공시 • Oct 24MTR Corporation Limited Announces Change of Alternate DirectorMTR Corporation Limited announced that Mr. Kevin Choi will cease to be an Alternate Director to the office of the S for T&L (Ms Mable Chan), a NED of the Company, with effect from 27 October 2025, as he will cease to hold the post of the PS for T&L with effect from the same date. Mr. Choi has confirmed that he has no disagreement with the Board of Directors of the Company (`Board') and that there is no other matter relating to his cessation as the Company's Alternate Director as abovementioned that needs to be brought to the attention of the holders of securities of the Company. Mr. Yau Cheuk-hang (also known as Mr. Vic Yau Cheuk-hang) will take up the post of the PS for T&L with effect from 17 November 2025 and, by virtue of holding such post, will become an Alternate Director to the office of the S for T&L (Ms Mable Chan), a NED of the Company, with effect from the same date. Mr. Yau (aged 50) joined the Administrative Service of the HKSAR Government in July 1997 and rose to the rank of Administrative Officer Staff Grade A in April 2025. Prior to his appointment to the post of the PS for T&L, he has served in various bureaux and departments, including the Home Affairs Department, the former Home Affairs Bureau, the former Environment, Transport and Works Bureau, the Housing Department, the Chief Executive's Office and the Security Bureau. He was Deputy Secretary for Security from March 2016 to December 2018, Deputy Secretary for Development (Planning and Lands) from December 2018 to February 2023, Director, Preparatory Office for Northern Metropolis from February 2023 to June 2023, and Director, Northern Metropolis Co-ordination Office from June 2023 to November 2025. Mr. Yau holds a Bachelor of Arts degree from The University of Hong Kong, a Master in Public Administration degree from Harvard University, United States of America and a Bachelor of Laws degree from the University of London, United Kingdom.
공시 • Oct 15MTR Corporation Limited Announces Board and Committee ChangesMTR Corporation Limited announced that Dr Jacob Kam Chak-pui, currently the CEO, has been appointed as a NED of the Company, upon the expiry of his term as the CEO, and whereupon he would also cease to be a Member of the Executive Directorate, all with effect from 1 January 2026. The Company further announced that, pursuant to Article 117(a) of the Articles, the FSI has notified the Company that Dr Kam will be appointed as the Chairman of the Company with effect from 1 January 2026 until 31 December 2028 (both dates inclusive). The Company further announced that at the same time as Dr Kam becomes the Chairman of the Company, he will also become the chairman of the Environmental & Social Responsibility Committee and a member of each of the Nominations Committee and the Remuneration Committee of the Company. Dr Kam (age 63) joined the Company in 1995 and had held various management positions in the Operations, Projects and Chinese Mainland and International Business Divisions. He was appointed as the CEO on 1 April 2019, and has been a Director since then. Before his CEO appointment, Dr Kam was the Operations Director between January 2011 and April 2016 and the Managing Director Operations and Mainland Business from May 2016. He has been a Member of the Executive Directorate since January 2011. Dr Kam is also a director of some members of the Company's group. As the Chairman of the Company, Dr Kam will lead the Board in ensuring effective management and oversight of the Company's business affairs, formulating the corporate strategy, establishing the corporate governance structure and evaluating the performance of the Executive Directorate. Dr Kam is an Honorary Chairman of the International Association of Public Transport (UITP), a Vice Chairman of the General Committee of The Hong Kong General Chamber of Commerce, a member of the board of directors of The Community Chest of Hong Kong and a member of the General Committee of the Employers' Federation of Hong Kong. He is also a member of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) Sustainable Business Network (ESBN) Executive Council and the chair of its Task Force on Infrastructure and Logistics. Dr Kam qualified as a Chartered Engineer in the United Kingdom in 1989. He is a Council Member and a Chartered Fellow of The Chartered Institute of Logistics and Transport in Hong Kong, a Council Member and a Fellow of The Hong Kong Management Association, a Fellow of Hong Kong Academy of Engineering, a Corporate Member of each of The Hong Kong Institution of Engineers and the Institution of Mechanical Engineers in the United Kingdom, and a Chartered Fellow of The Institution of Occupational Safety and Health in the United Kingdom. Dr Kam holds a Bachelor of Science degree in Civil Engineering from the University of Southampton, and a doctoral degree in Mechanical Engineering from the University of London, both in the United Kingdom. He was awarded an Honorary Fellowship by the Vocational Training Council in 2021. The Company announced that Dr Rex Auyeung Pak-kuen will retire from the position of Chairman, and will also retire as a Director, the chairman of the Environmental & Social Responsibility Committee, and a member of each of the Nominations Committee and the Remuneration Committee, of the Company when his tenure expires after 31 December 2025. Changes in the Composition of Board Committees: The Company further announced that Mr. Adrian Wong Koon-man, an INED of the Company, has been appointed by the Board as a member of the Finance & Investment Committee of the Company and has ceased to be a member of the Audit & Risk Committee of the Company, both with effect from 14 October 2025.
내러티브 업데이트 • Sep 18Excessive HK Investments Will Erode Margins And EarningsMTR's consensus price target saw a marginal increase, supported by a slight improvement in net profit margin and a minor decline in future P/E, indicating marginally enhanced earnings quality and value, with fair value now at HK$27.86. What's in the News Board meeting scheduled to consider unaudited interim results and potential interim dividend for H1 2025.
내러티브 업데이트 • Aug 27Excessive HK Investments Will Erode Margins And EarningsMTR's fair value was revised marginally lower, driven by a slight decrease in net profit margin and a small uptick in forward P/E, resulting in an updated consensus price target of HK$27.57. What's in the News MTR will hold a board meeting to consider announcing unaudited results for the six months ended 30 June 2025 and discuss an interim dividend.
Major Estimate Revision • Aug 21Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from HK$59.8b to HK$56.8b. EPS estimate also fell from HK$2.78 per share to HK$2.39 per share. Net income forecast to shrink 11% next year vs 8.2% growth forecast for Transportation industry in Hong Kong . Consensus price target broadly unchanged at HK$27.86. Share price fell 3.8% to HK$27.26 over the past week.
분석 기사 • Aug 19MTR's (HKG:66) Dividend Will Be HK$0.42MTR Corporation Limited's ( HKG:66 ) investors are due to receive a payment of HK$0.42 per share on 16th of September...
분석 기사 • Aug 18MTR Corporation Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their PredictionsSEHK:66 1 Year Share Price vs Fair Value Explore MTR's Fair Values from the Community and select yours Last week, you...
Declared Dividend • Aug 16First half dividend of HK$0.42 announcedDividend of HK$0.42 is the same as last year. Ex-date: 27th August 2025 Payment date: 16th September 2025 Dividend yield will be 4.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 27% over the next 3 years. However, it would need to fall by 48% to increase the payout ratio to a potentially unsustainable range.
Reported Earnings • Aug 15First half 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFirst half 2025 results: EPS: HK$1.24 (up from HK$0.97 in 1H 2024). Revenue: HK$27.4b (down 6.5% from 1H 2024). Net income: HK$7.73b (up 28% from 1H 2024). Profit margin: 28% (up from 21% in 1H 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) exceeded analyst estimates by 7.8%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.
공시 • Jul 24MTR Corporation Limited to Report First Half, 2025 Results on Aug 14, 2025MTR Corporation Limited announced that they will report first half, 2025 results on Aug 14, 2025
분석 기사 • Jul 21There's Reason For Concern Over MTR Corporation Limited's (HKG:66) PriceWith a median price-to-earnings (or "P/E") ratio of close to 12x in Hong Kong, you could be forgiven for feeling...
분석 기사 • Jun 30Is Now The Time To Put MTR (HKG:66) On Your Watchlist?Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
공시 • Jun 25+ 1 more updateMTR Corporation Limited Appoints Jeny Yeung Mei-chun as Director, Effective January 1, 2026Reference is made to MTR Corporation Limited's announcement dated 8 October 2024 in relation to the re-appointment of Dr Jacob Kam Chak-pui as the CEO from 1 April 2025 to 31 December 2025 (both dates inclusive) and the Company's undertaking of a worldwide search to identify the right candidate for the post of the CEO after 31 December 2025. Following such search, the Company announced that Ms. Jeny Yeung Mei-chun, currently the Managing Director - Hong Kong Transport Services and a Member of the Executive Directorate, will be appointed as the CEO and a member of the Environmental & Social Responsibility Committee of the Company, upon the expiry of Dr Kam's term as the CEO, all with effect from 1 January 2026. She will also be appointed as a Director with effect from the same date and will continue to be a Member of the Executive Directorate. As the CEO, Ms. Yeung will be responsible for the overall performance of the Company and its group companies both in and outside of Hong Kong, including in the Mainland of China. Ms. Yeung (age 60) joined the Company in November 1999. She has been the Managing Director - Hong Kong Transport Services since 1 October 2023 and a Member of the Executive Directorate since September 2011. Prior to her current position, Ms. Yeung was the Commercial Director since September 2011, and the Hong Kong Transport Services Director since July 2021. She is currently the Non-Executive Chairman of Octopus Holdings Limited and of two members of the Octopus Holdings Limited group. Ms. Yeung is also a director of some members of the Company's group. Before joining the Company, Ms. Yeung held various marketing and business development positions in Standard Chartered Bank (Hong Kong) Limited and Citibank in Hong Kong. Ms. Yeung is a non-official member of The Hong Kong Housing Authority as well as its Commercial Properties Committee and the Finance Committee. She is also a member of the Hong Kong Trade Development Council Infrastructure Development Advisory Committee and the Council for Carbon Neutrality and Sustainable Development and an independent non-executive director of Hongkong International Theme Parks Limited. Ms. Yeung was previously the Chairman of Ngong Ping 360 Limited, an independent non-executive director of Mox Bank Limited, a director of Hong Kong Cyberport Management Company Limited and a member of the Cyberport Advisory Panel. She was also a member of the Advisory Committee on Enhancing Employment of People with Disabilities and a member of the Hong Kong Tourism Board, as well as a non-official member of the Immigration Department Users' Committee. Ms. Yeung is a Fellow of both The Chartered Institute of Marketing and Hong Kong Institute of Marketing and a Chartered Fellow of The Chartered Institute of Logistics and Transport in Hong Kong. She holds a Bachelor of Social Sciences degree majoring in Management Studies from The University of Hong Kong.
분석 기사 • Jun 14Is MTR (HKG:66) A Risky Investment?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...
공시 • May 21Mtr Corporation Limited Announces Board and Committee ChangesMTR Corporation Limited in its annual general meeting held on May 21, 2025 approved: Mr. Walter Chan Kar-lok retired as an Independent Non-executive Director (`INED') of the Company and ceased to be the chairman of the Nominations Committee and a member of the Capital Works Committee of the Company; Ir Shen Shuk-ching (also known as Ir Susanna Shen Shuk-ching) has become an INED of the Company and has been appointed by the Board of Directors of the Company as a member of each of the Capital Works Committee and the Technology Advisory Panel of the Company; and Dr Carlson Tong, an INED and a member of each of the Audit & Risk Committee and the Finance & Investment Committee of the Company, has been appointed by the Board as the chairman of the Nominations Committee and has ceased to be a member of the Finance & Investment Committee of the Company. Ir Shen (age 61) has extensive experience in Information Technology. She was formerly the Head of Corporate Information Technology at The Hong Kong and China Gas Co Ltd. (`Towngas') until her retirement in 2024. Ir Shen joined Towngas in 1988 and has held various management positions. She was appointed the Head of Information Technology in Towngas in 2005. Before taking up this role, she was the Chief Operating Officer of iCare.com Limited, previously a subsidiary business of Towngas. The IT team under Ir Shen's leadership was responsible for providing Towngas' IT services and solutions to support the business mission of Towngas and its subsidiaries as well as its Mainland businesses. Ir Shen actively serves in a number of advisory committees, universities, and professional bodies, leveraging her expertise to advance the innovation and technology sector in Hong Zong. She also serves as a member of several advisory committees in the public sector, further solidifying her influence in shaping IT policies. Ir Shen is currently the vice-chairman of the Taxi Service Quality Committee, and a member of each of the Barristers Disciplinary Tribunal Panel, Technical Advisory Committee of Electoral Affairs Commission and Sub-Committee on Access of Rehabilitation Advisory Committee. She is also a member of the Advisory Committee of each of the Information and Communications Technology Industry Training and the Institute of Knowledge Exchange of The Hang Seng University of Hong Kong, as well as a member of each of the IT Advisory Committee of Heep Hong Society, Computer Science Advisory Committee of The University of Hong Kong and IT Management Committee of The Hong Kong Management Association. Ir Shen was formerly a member of the Transport Advisory Committee and the chairman of its Transport Complaint Unit Sub-Committee, and a member of each of the Digital 21 Strategy Advisory Committee, the Personal Data (Privacy) Advisory Committee, the Joint Committee on Information Technology for the Social Welfare and the Finance Committee of Housing Authority. Ir Shen is a Chartered IT Professional of The British Computer Society, a Fellow of The Hong Kong Computer Society, and a Fellow of The Hong Kong Institution of Engineers. Ir Shen holds an Executive Master of Business Administration (EMBA) degree from the City University of Hong Kong.
Upcoming Dividend • May 16Upcoming dividend of HK$0.89 per shareEligible shareholders must have bought the stock before 23 May 2025. Payment date: 13 June 2025. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (4.5%).
공시 • May 10Mtr Corporation Limited Announces Appointment of Kevin Choi as A Director on 14 April 2025MTR Corporation Limited announced appointment of Kevin Choi as a director on 14 April 2025. Business Occupation: Senior Government Official.
Reported Earnings • Apr 12Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: HK$2.54 (up from HK$1.26 in FY 2023). Revenue: HK$60.0b (up 5.3% from FY 2023). Net income: HK$15.8b (up 103% from FY 2023). Profit margin: 26% (up from 14% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 7.0%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.
새로운 내러티브 • Mar 09Heavy Railway Investments Will Compress Future Net Margins Large financial commitments toward railway expansion and asset maintenance may pressure net margins and limit future revenue generation.
Declared Dividend • Mar 08Final dividend of HK$0.89 announcedDividend of HK$0.89 is the same as last year. Ex-date: 23rd May 2025 Payment date: 13th June 2025 Dividend yield will be 5.0%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 6.6% over the next 3 years. However, it would need to fall by 43% to increase the payout ratio to a potentially unsustainable range.
Reported Earnings • Mar 07Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: HK$2.54 (up from HK$1.26 in FY 2023). Revenue: HK$60.0b (up 5.3% from FY 2023). Net income: HK$15.8b (up 103% from FY 2023). Profit margin: 26% (up from 14% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 7.0%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.
공시 • Mar 06MTR Corporation Limited Proposes Final Dividend for the Financial Year Ended 31 December 2024, Payable on 13 June 2025MTR Corporation Limited proposed a final dividend for the financial year ended 31 December 2024. The dividend declared is HKD 0.89 per share. The shareholders' approval for this dividend is scheduled for 21 May 2025. The ex-dividend date is set for 23 May 2025, and the record date is 30 May 2025. The payment date for the dividend is 13 June 2025.
공시 • Feb 14MTR Corporation Limited to Report Fiscal Year 2024 Results on Mar 06, 2025MTR Corporation Limited announced that they will report fiscal year 2024 results at 9:30 AM, China Standard Time on Mar 06, 2025
공시 • Dec 30MTR Corporation Limited Announces Change of Alternate DirectorMTR Corporation Limited announced that Ms. Ida Lee Bik-sai has ceased to be an Alternate Director to the office of the Secretary for Transport and Logistics (S for T&L) (Ms. Mable Chan), a Non-executive Director (`NED') of the Company, with effect from 30 December 2024, as she has ceased to hold the post of the Deputy Secretary for Transport and Logistics 2 (`DS (TL) 2') with effect from the same date; and Mr. Yip Hoi-ying (also known as Mr. Kirk Yip Hoi-ying) has taken up the post of the DS (TL) 2 with effect from 30 December 2024 and, by virtue of holding such post, has become an Alternate Director to the office of the S for T&L (Ms. Mable Chan), a NED of the Company, with effect from the same date. Ms. Ida Lee Bik-sai has ceased to be an Alternate Director to the office of the S for T&L (Ms. Mable Chan), a NED of the Company, with effect from 30 December 2024, as she has ceased to hold the post of the DS (TL) 2 with effect from the same date. Ms. Lee has confirmed that she has no disagreement with the Board of Directors of the Company (`Board') and that there is no other matter relating to her cessation as the Company's Alternate Director as abovementioned that needs to be brought to the attention of the holders of securities of the Company. Mr. Yip Hoi-ying (also known as Mr. Kirk Yip Hoi-ying) has taken up the post of the DS (TL) 2 with effect from 30 December 2024 and, by virtue of holding such post, has become an Alternate Director to the office of the S for T&L (Ms. Mable Chan), a NED of the Company, with effect from the same date. Mr. Yip (aged 45) joined the Administrative Service of the HKSAR Government in 2004. Prior to his appointment to the post of the DS (TL) 2, he has served in various bureaux and departments, including as the Press Secretary to Financial Secretary from 2015 to 2018, Principal Assistant Secretary for Culture, Sports and Tourism (West Kowloon Cultural District) (formerly named Principal Assistant Secretary for Home Affairs (West Kowloon Cultural District)) from 2019 to 2023 and Principal Assistant Secretary for Transport and Logistics 3 from 2023 to 2024. Mr. Yip, in his official capacity as the DS (TL) 2, serves as a director of several transport- related companies including Citybus Limited, The Kowloon Motor Bus Company (1933) Limited, Long Win Bus Company Limited, New Lantao Bus Company (1973) Limited and The "Star" Ferry Company Limited. Mr. Yip holds a Bachelor of Social Science degree from The Chinese University of Hong Kong.
공시 • Dec 19MTR Corporation Limited Announces Retirement of Dr. Lee Kar-Yun as Operations and Innovation Director, Effective from 1 May 2025MTR Corporation Limited announced that Dr. Lee Kar-yun (also known as Dr. Tony Lee Kar-yun), currently the Operations and Innovation Director of the Company, has informed the Company that he will retire from the Company after 30 April 2025 upon completion of his existing service agreement with the Company. Accordingly, with effect from 1 May 2025, Dr. Lee will cease to be the Operations and Innovation Director, a Member of the Executive Directorate, and a director of several subsidiaries of the Company. Upon Dr. Lee's retirement, his existing responsibilities for the Company's railway-related asset performance, asset management, new railway projects operations planning and development, operations safety and quality in Hong Kong will be subsumed under the Managing Director - Hong Kong Transport Services of the Company, who remains overall responsible for the Company's railway operations in Hong Kong. Further, upon Dr. Lee's retirement, the Company's Digitalisation and Innovation Department, which is responsible for corporate-wide technology and innovation-related matters, will be overseen by the Chief Executive Officer of the Company directly. Dr. Lee has confirmed that he has no disagreement with the Board of Directors (the `Board') or the Executive Directorate of the Company and that there is no other matter relating to his retirement that needs to be brought to the attention of the holders of securities of the Company.
Reported Earnings • Sep 14First half 2024 earnings: EPS and revenues exceed analyst expectationsFirst half 2024 results: EPS: HK$0.97 (up from HK$0.67 in 1H 2023). Revenue: HK$29.3b (up 6.2% from 1H 2023). Net income: HK$6.04b (up 45% from 1H 2023). Profit margin: 21% (up from 15% in 1H 2023). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.
공시 • Sep 05MTR Corporation Limited Announces Alternate Director ChangesMTR Corporation Limited announced that Mr. Maurice Loo Kam-wah has ceased to be an Alternate Director to Mr. Hui Ching-yu (also known as Mr. Christopher Hui Ching-yu) (S for FS&T), a NED of the Company, with effect from 5 September 2024. Mr. Loo has confirmed that he has no disagreement with the Board of Directors of the Company (`Board') and that there is no other matter relating to his cessation as an Alternate Director of the Company as abovementioned that needs to be brought to the attention of the holders of securities of the Company. The Company further announces that Mr. Bruno Luk Kar-kin (DS for FS&T(T)2) has been appointed by Mr. Christopher Hui Ching-yu (S for FS&T), a NED of the Company, as his Alternate Director with effect from 5 September 2024. Mr. Bruno Luk Kar-kin (aged 55) joined the Government of the Hong Kong Special Administrative Region (`HKSAR') as an Administrative Officer in 1998. He has served in various bureaux and departments, including the Islands District Office, the former Environment and Food Bureau, the Civil Service Bureau, the former Food and Health Bureau, the Chief Secretary for Administration's Office, the Hong Kong Economic and Trade Office in Singapore and the Environmental Protection Department. Before taking up the post of the DS for FS&T(T)2, Mr. Luk was the Deputy Director of Environmental Protection (Waste Reduction). Mr. Luk is currently a director of West Rail Property Development Limited. He is also an alternate director and alternate member to the S for FS&T on the respective Boards of Hongkong International Theme Parks Limited and Airport Authority Hong Kong. Mr. Luk holds a Bachelor of Science degree in Electrical Engineering from the State University of New York at Buffalo, the United States of America (`USA'), a Master of Business Administration degree from the University of Western Ontario, Canada and an Advanced Certificate in Public Administration from the Syracuse University, USA. Mr. Luk has not entered into any contract of service with the Company as an Alternate Director to Mr. Christopher Hui Ching-yu nor is he appointed for a specific term. He does not receive any emoluments from the Company as an Alternate Director to Mr. Hui.
Declared Dividend • Aug 17First half dividend of HK$0.42 announcedDividend of HK$0.42 is the same as last year. Ex-date: 28th August 2024 Payment date: 17th September 2024 Dividend yield will be 4.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (84% earnings payout ratio) but not covered by cash flows (dividend approximately 10x free cash flows). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Aug 16First half 2024 earnings: EPS and revenues exceed analyst expectationsFirst half 2024 results: EPS: HK$0.97 (up from HK$0.67 in 1H 2023). Revenue: HK$29.3b (up 6.2% from 1H 2023). Net income: HK$6.04b (up 45% from 1H 2023). Profit margin: 21% (up from 15% in 1H 2023). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.
공시 • Aug 15MTR Corporation Limited Announces an Interim Dividend for the Six Months Ended 30 June 2024, Payable on 17 September 2024MTR Corporation Limited announced an interim dividend of HKD 0.42 per share for the six months ended 30 June 2024. Ex-dividend date is 28 August 2024. Record date is 4 September 2024. Payment date is 17 September 2024.
공시 • Aug 08MTR Corporation Limited Announces Change of Alternate DirectorMTR Corporation Limited announces the following changes: Ms Macella Lee Sui-chun has ceased to be the Alternate Director to the office of the Commissioner for Transport, a Non-executive Director of the Company, with effect from 18 July 2024 at the same time as her retirement from the post of the Deputy Commissioner for Transport /Transport Services and Management; and the company further announces that Ms Kwok Wai-ying (also known as Ms Candy Kwok Wai-ying), who took up the post of the DC for T/TS and M on 18 July 2024, has, by virtue of holding such post, been appointed as the Alternate Director to the office of the C for T (Ms Angela Lee Chung-yan), a NED of the Company, with effect from 29 July 2024. The office of the C for T is a NED of the Company appointed by the Chief Executive of the Hong Kong Special Administrative Region (`HKSAR') pursuant to the Mass Transit Railway Ordinance (Chapter 556 of the Laws of Hong Kong), and has appointed the DC for T/TS and M as her Alternate Director. Ms Kwok (aged 54) joined the Transport Department of the Hong Kong Government in June 1997. Before taking up the post of the DC for T/TS and M, she was the Assistant Commissioner for Transport /Administration and Licensing, and the Assistant Commissioner for Transport /Management and Paratransit. Ms Kwok holds a Bachelor of Social Sciences degree from The University of Hong Kong. Ms Kwok has not entered into any contract of service with the Company as the Alternate Director to the office of the C for T (Ms Angela Lee Chung-yan) nor is she appointed for a specific term. She does not receive any emoluments from the Company as the Alternate Director to the office of the C for T (Ms Angela Lee Chung-yan).
공시 • Jul 25MTR Corporation Limited to Report Q2, 2024 Results on Aug 15, 2024MTR Corporation Limited announced that they will report Q2, 2024 results on Aug 15, 2024
공시 • Jun 08MTR Corporation Limited Declares Final Dividend for the Year Ended 31 December 2023, Payable on 16 July 2024MTR Corporation Limited declared Final Dividend of HKD 0.89 per share for the Year Ended 31 December 2023. Ex-dividend date is 24 May 2024. Record date is 31 May 2024. Payment date is 16 July 2024.
공시 • May 24MTR Corporation Limited Announces Changes in Composition of Board Committees and Advisory PanelMTR Corporation Limited at its Annual General Meeting held on 22 May 2024, the company announced the following changes in the composition of the following Board Committees and Advisory Panel of the Company with effect from the conclusion of the 2024 AGM: Dr. Dorothy Chan Yuen Tak-fai, who retired as an Independent Non-executive Director (INED) of the Company as abovementioned, has ceased to be the chairman of the Remuneration Committee and a member of the Capital Works Committee of the Company; Ms. Rose Lee Wai-mun, who retired as an INED of the Company as abovementioned, has ceased to be a member of each of the Finance & Investment Committee and the Remuneration Committee of the Company; Ms. Ayesha Abbas MACPHERSON (also known as Mrs. Ayesha Macpherson LAU), who has become an INED of the Company as abovementioned, has been appointed by the Board as a member of each of the Audit & Risk Committee and the Finance & Investment Committee of the Company; The Permanent Secretary for Development (Works) (Mr. Ricky Lau Chun-kit), a NED and a member of each of the Capital Works Committee and the Nominations Committee of the Company, has been appointed by the Board as a member of the Technology Advisory Panel of the Company and has ceased to be a member of the Nominations Committee of the Company both at the same time; The Commissioner for Transport (Ms. Angela Lee Chung-yan), a NED and a member of each of the Audit & Risk Committee and the Technology Advisory Panel of the Company, has been appointed by the Board as a member of the Environmental & Social Responsibility Committee of the Company and has ceased to be a member of the Technology Advisory Panel of the Company both at the same time; Dr. Bunny Chan Chung-bun, an INED and a member of each of the Environmental & Social Responsibility Committee and the Finance & Investment Committee of the Company, has been appointed by the Board as a member of the Remuneration Committee of the Company and has ceased to be a member of the Finance & Investment Committee of the Company both at the same time; Mr. Hui Siu-wai, an INED and a member of each of the Audit & Risk Committee and the Capital Works Committee of the Company, has been appointed by the Board as a member of the Remuneration Committee of the Company and has ceased to be a member of the Audit & Risk Committee of the Company both at the same time; Mr. Sunny Lee Wai-kwong, an INED, the chairman of the Technology Advisory Panel and a member of the Nominations Committee of the Company, has been appointed by the Board as a member of the Capital Works Committee of the Company and has ceased to be a member of the Nominations Committee of the Company both at the same time; Mr. Jimmy Ng Wing-ka, an INED and a member of each of the Environmental & Social Responsibility Committee and the Nominations Committee of the Company, has been appointed by the Board as a member of the Technology Advisory Panel of the Company and has ceased to be a member of the Environmental & Social Responsibility Committee of the Company both at the same time; Dr. Carlson Tong, an INED, the chairman of the Audit & Risk Committee and a member of the Finance & Investment Committee of the Company, has stepped down as the chairman, but remains as a member, of the Audit & Risk Committee of the Company; Ms Sandy Wong Hang-yee, an INED and a member of each of the Environmental & Social Responsibility Committee and the Technology Advisory Panel of the Company, has been appointed by the Board as a member of the Nominations Committee of the Company and has ceased to be a member of the Technology Advisory Panel of the Company both at the same time; Mr. ADr.ian Wong Koon-man, an INED and a member of each of the Audit & Risk Committee and the Remuneration Committee of the Company, has been appointed by the Board as the chairman of the Remuneration Committee of the Company; and Professor Anna Wong Wai-kwan, an INED and a member of each of the Audit & Risk Committee and the Nominations Committee of the Company, has been appointed by the Board as the chairman of the Audit & Risk Committee of the Company and a member of the Finance & Investment Committee of the Company, and has ceased to be a member of the Nominations Committee of the Company, all at the same time.
Upcoming Dividend • May 17Upcoming dividend of HK$0.89 per shareEligible shareholders must have bought the stock before 24 May 2024. Payment date: 16 July 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.5%. Lower than top quartile of Hong Kong dividend payers (7.5%). In line with average of industry peers (4.4%).
Reported Earnings • Apr 12Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: HK$1.26 (down from HK$1.59 in FY 2022). Revenue: HK$57.0b (up 19% from FY 2022). Net income: HK$7.78b (down 21% from FY 2022). Profit margin: 14% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.4%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings.
Buy Or Sell Opportunity • Mar 15Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 15% to HK$25.40. The fair value is estimated to be HK$32.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are also forecast to grow by 16% per annum over the same time period.
Major Estimate Revision • Mar 14Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from HK$61.0b to HK$60.2b. EPS estimate also fell from HK$2.73 per share to HK$2.25 per share. Net income forecast to grow 78% next year vs 13% growth forecast for Transportation industry in Hong Kong. Consensus price target down from HK$32.31 to HK$30.46. Share price rose 2.6% to HK$25.70 over the past week.
공시 • Mar 08MTR Corporation Limited, Annual General Meeting, May 22, 2024MTR Corporation Limited, Annual General Meeting, May 22, 2024.
Reported Earnings • Mar 08Full year 2023 earnings: EPS exceeds analyst expectationsFull year 2023 results: EPS: HK$1.26 (down from HK$1.59 in FY 2022). Revenue: HK$57.0b (up 19% from FY 2022). Net income: HK$7.78b (down 21% from FY 2022). Profit margin: 14% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings.
공시 • Mar 07MTR Corporation Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 16 July 2024MTR Corporation Limited proposed Final Dividend of HKD 0.89 per share for the Year ended 31 December 2023. Date of shareholders' approval is 22 May 2024. Ex-dividend date is 24 May 2024. Record date is 31 May 2024. Payment date is 16 July 2024.
Price Target Changed • Feb 29Price target decreased by 8.0% to HK$34.06Down from HK$37.03, the current price target is an average from 10 analysts. New target price is 31% above last closing price of HK$26.00. Stock is down 35% over the past year. The company is forecast to post earnings per share of HK$1.24 for next year compared to HK$1.59 last year.
Buy Or Sell Opportunity • Feb 23Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 11% to HK$26.35. The fair value is estimated to be HK$33.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 62%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 17% per annum over the same time period.
공시 • Feb 16MTR Corporation Limited to Report Fiscal Year 2023 Results on Mar 07, 2024MTR Corporation Limited announced that they will report fiscal year 2023 results on Mar 07, 2024
Price Target Changed • Jan 05Price target decreased by 7.6% to HK$38.06Down from HK$41.21, the current price target is an average from 10 analysts. New target price is 35% above last closing price of HK$28.10. Stock is down 33% over the past year. The company is forecast to post earnings per share of HK$1.40 for next year compared to HK$1.59 last year.
공시 • Sep 27MTR Corporation Limited Announces Management Changes, Effective 1 October 2023MTR Corporation Limited announced that Dr Lee Kar-yun (also known as Dr Tony Lee Kar-yun), currently the Operations Director of the Company, will take up an additional role to oversee the Company's Digitalisation and Innovation Department and will be retitled as the Operations and Innovation Director with effect from 1 October 2023. He will continue to be a Member of the Executive Directorate of the Company. With effect from 1 October 2023, Dr Lee will retain his responsibility for the Company's railway-related asset performance, asset management, new railway projects operations planning and development, operations safety and quality in Hong Kong as well as innovation and technological development in Hong Kong Transport Services. In this regard, he will continue to report directly to the Hong Kong Transport Services Director of the Company, who remains overall responsible for the Company's railway operations in Hong Kong. In addition, Dr Lee will also oversee the Company's Digitalisation and Innovation Department with a view to establishing an integrated technology and innovation framework across the Company and will report directly to the Chief Executive Officer of the Company on corporate-wide technology and innovation-related matters, with effect from 1 October 2023. Dr Lee (aged 62) joined the Company in 1991 and has held various management positions related to the design, construction, operations and maintenance of the Company's railway system in Hong Kong. He took up the position of Chief of Operations Engineering in September 2013 and was appointed as Deputy Operations Director in November 2019. Dr Lee has been the Operations Director and a Member of the Executive Directorate since 1 January 2020. He is also the Chairman of MTR Lab Company Limited, a wholly-owned subsidiary of the Company, and a director of some of the members of the Company's group. Dr Lee is a Chartered Engineer and is a Member of The Hong Kong Institution of Engineers, The Institution of Engineering and Technology and The Hong Kong Institute of Directors. He is also a Member of the Advisory Committee of the Department of Electrical and Electronic Engineering of The University of Hong Kong, the Engineering Discipline Advisory Board of the Hong Kong Institute of Vocational Education and a Member of the Technical Committee of National Rail Transit Electrification and Automation Engineering Technology Research Center (Hong Kong Branch). Dr Lee holds a Doctoral degree in Engineering and a Master degree in Philosophy both from The Hong Kong Polytechnic University and a Master of Business Administration degree from The Open University of Hong Kong (now known as Hong Kong Metropolitan University). Dr Lee has signed a side letter with the Company to reflect his new position and additional role mentioned above, which will take effect from 1 October 2023, and to extend his term of service for one year until 31 December 2024, with no change to the other existing terms (including remuneration) of his existing service agreement.
