[ET Net News Agency, 18 December 2019] Nomura lowered its target price for MTR
Corporation (00066) to HK$53.2 from HK$56.6 and maintained its "buy" rating.
The research house said MTR's domestic services have resumed normal operations since the
beginning of December after lingering social unrest.
Based on a 14% drop in domestic patronage from July to November and a delayed impact on
retail rental reversion into FY2020, Nomura revised its patronage forecasts for 2H
2019/2020/2021 to -13%/0%/+6% (from -2%/+5%/+2.5% previously) and cutting its retail
rental reversion forecasts for FY2019/20 to 0%/-5% (from -1%/0% previously).
The research house also assumed HK$500m in repair costs for damage to station
facilities, hence it lowered its FY2019-21 underlying EPS estimates by 14% each. Despite
this, MTR should still be able to deliver a slight growth in underlying net profits owing
to the booking of property development profits. (KL)
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00066 MTR CORPORATION
Nominal 
24.300 0.000 (0.000%) Others
18/12/2019 11:46
{I-bank focus}Nomura cuts MTR Corporation (00066) to HK$53.2
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