Citigroup: Developers' land acquisition intentions are expected to increase, raising MTR CORPORATION (00066) target price to 30 Hong Kong dollars, with a "sell" rating.

15:09 13/03/2026

Due to the railway capital expenditure burden, MTR's debt ratio will continue to rise in the coming years, indicating that dividends may remain unchanged in the foreseeable future.

Citigroup released a research report stating that it maintains a "sell" rating on MTR CORPORATION (00066) with a target price raised from HK$24.5 to HK$30. The residential property market in Hong Kong has bottomed out last year, and it is expected that property prices will enter an upward cycle. The volume of first-hand residential transactions will continue to grow, which is believed to increase developers' interest in participating in MTR land bids. However, due to the burden of railway capital expenditure, MTR's debt ratio is expected to continue to rise in the coming years, indicating that dividends may remain unchanged in the foreseeable future. In addition, the current stock is only at a 13% discount to the NAV, which is cheaper compared to other conglomerates such as Swire (00019) and Wharf Holdings.

JST GROUP (06687) issues profit warning, with an expected net loss of approximately 1.6 billion to 1.7 billion yuan in 2025, a corresponding year-on-year profit to loss.

As of the end of February, the net asset value per share of LONG INV CORP (02312) was approximately HK$0.31.

MING FAI INT'L (03828) issues profit warning, expected annual attributable profit to shareholders not less than 100 million Hong Kong dollars, a decrease compared to the previous year.

JST GROUP (06687) issues profit warning, with an expected net loss of approximately 1.6 billion to 1.7 billion yuan in 2025, a corresponding year-on-year profit to loss.

As of the end of February, the net asset value per share of LONG INV CORP (02312) was approximately HK$0.31.

MING FAI INT'L (03828) issues profit warning, expected annual attributable profit to shareholders not less than 100 million Hong Kong dollars, a decrease compared to the previous year.