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<Research>Citi Expects Developers' Appetite for Land Tenders to Improve, Lifts MTR CORPORATION TP to $30; Rating Sell
Recommend 3 Positive 7 Negative 5 |
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Citi Research believed that the Hong Kong residential property market bottomed out last year, and expected home prices to enter an upcycle, with continuous growth in new home transactions. This is likely to enhance developers' willingness to participate in land tenders of MTR CORPORATION (00066.HK). However, due to railway capital expenditure commitments, MTR CORPORATION's debt ratio is expected to continue rising over the next few years, implying that dividends may remain unchanged in the foreseeable future. Furthermore, the stock is currently only at a 13% discount to NAV, making it more expensive than other conglomerates such as SWIRE PACIFIC A (00019.HK) and Jardine Matheson. Therefore, Citi Research kept rating at Sell on MTR CORPORATION, and lifted its target price from $24.5 to $30. AASTOCKS Financial News Website: www.aastocks.com |
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