Reported Earnings • Apr 17
Full year 2025 earnings: EPS and revenues miss analyst expectations Full 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. Declared Dividend • Mar 14
Final dividend of HK$0.89 announced Dividend 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. Announcement • Mar 14
MTR Corporation Limited Proposes Final Dividend for the Financial Year Ended 31 December 2025, Payable on 22 June 2026 MTR 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 13
Full year 2025 earnings: EPS and revenues miss analyst expectations Full 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. Announcement • Mar 12
MTR Corporation Limited, Annual General Meeting, May 27, 2026 MTR Corporation Limited, Annual General Meeting, May 27, 2026. Announcement • Feb 20
MTR Corporation Limited to Report Fiscal Year 2025 Results on Mar 12, 2026 MTR Corporation Limited announced that they will report fiscal year 2025 results on Mar 12, 2026 Announcement • Nov 20
MTR Corporation Limited Appoints Lai Yat-Ching as Alternate Director, Effective 20 November 2025 MTR 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. Announcement • Nov 06
MTR Corporation Limited Announces Cessation of Bruno Luk Kar-Kin as an Alternate Director to Hui Ching-Yu, Effective 6 November 2025 MTR 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. Announcement • Nov 03
Mtr Corporation Limited appoints Mr. Wilson Kwong Wing-Tsuen as Hong Kong Transport Services Director of the Company with Effect from 28 January 2026 MTR 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. Announcement • Oct 24
MTR Corporation Limited Announces Change of Alternate Director MTR 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. Announcement • Oct 15
MTR Corporation Limited Announces Board and Committee Changes MTR 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. Major Estimate Revision • Aug 21
Consensus 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. Declared Dividend • Aug 16
First half dividend of HK$0.42 announced Dividend 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 15
First half 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First 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. Announcement • Jul 24
MTR Corporation Limited to Report First Half, 2025 Results on Aug 14, 2025 MTR Corporation Limited announced that they will report first half, 2025 results on Aug 14, 2025 Announcement • May 21
Mtr Corporation Limited Announces Board and Committee Changes MTR 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 16
Upcoming dividend of HK$0.89 per share Eligible 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%). Announcement • May 10
Mtr Corporation Limited Announces Appointment of Kevin Choi as A Director on 14 April 2025 MTR Corporation Limited announced appointment of Kevin Choi as a director on 14 April 2025. Business Occupation: Senior Government Official. Reported Earnings • Apr 12
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full 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. Declared Dividend • Mar 08
Final dividend of HK$0.89 announced Dividend 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 07
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full 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. Announcement • Mar 06
MTR Corporation Limited Proposes Final Dividend for the Financial Year Ended 31 December 2024, Payable on 13 June 2025 MTR 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. Announcement • Feb 14
MTR Corporation Limited to Report Fiscal Year 2024 Results on Mar 06, 2025 MTR Corporation Limited announced that they will report fiscal year 2024 results at 9:30 AM, China Standard Time on Mar 06, 2025 Announcement • Dec 30
MTR Corporation Limited Announces Change of Alternate Director MTR 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. Announcement • Dec 19
MTR Corporation Limited Announces Retirement of Dr. Lee Kar-Yun as Operations and Innovation Director, Effective from 1 May 2025 MTR 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 14
First half 2024 earnings: EPS and revenues exceed analyst expectations First 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. Announcement • Sep 05
MTR Corporation Limited Announces Alternate Director Changes MTR 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 17
First half dividend of HK$0.42 announced Dividend 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 16
First half 2024 earnings: EPS and revenues exceed analyst expectations First 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. Announcement • Aug 15
MTR Corporation Limited Announces an Interim Dividend for the Six Months Ended 30 June 2024, Payable on 17 September 2024 MTR 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. Announcement • Aug 08
MTR Corporation Limited Announces Change of Alternate Director MTR 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). Announcement • Jul 25
MTR Corporation Limited to Report Q2, 2024 Results on Aug 15, 2024 MTR Corporation Limited announced that they will report Q2, 2024 results on Aug 15, 2024 Announcement • Jun 08
MTR Corporation Limited Declares Final Dividend for the Year Ended 31 December 2023, Payable on 16 July 2024 MTR 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. Announcement • May 24
MTR Corporation Limited Announces Changes in Composition of Board Committees and Advisory Panel MTR 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 17
Upcoming dividend of HK$0.89 per share Eligible 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 12
Full year 2023 earnings: EPS misses analyst expectations Full 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 15
Now 21% undervalued after recent price drop Over 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 14
Consensus 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. Announcement • Mar 08
MTR Corporation Limited, Annual General Meeting, May 22, 2024 MTR Corporation Limited, Annual General Meeting, May 22, 2024. Reported Earnings • Mar 08
Full year 2023 earnings: EPS exceeds analyst expectations Full 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. Announcement • Mar 07
MTR Corporation Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 16 July 2024 MTR 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 29
Price target decreased by 8.0% to HK$34.06 Down 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 23
Now 20% undervalued after recent price drop Over 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. Announcement • Feb 16
MTR Corporation Limited to Report Fiscal Year 2023 Results on Mar 07, 2024 MTR Corporation Limited announced that they will report fiscal year 2023 results on Mar 07, 2024 Price Target Changed • Jan 05
Price target decreased by 7.6% to HK$38.06 Down 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. Announcement • Sep 27
MTR Corporation Limited Announces Management Changes, Effective 1 October 2023 MTR 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. Upcoming Dividend • Aug 16
Upcoming dividend of HK$0.42 per share at 3.9% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 13 October 2023. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (3.7%). 
