MTRC 0066

Re: MTRC 0066

Postby winston » Mon Jun 29, 2009 12:41 pm

What a wrong call. MTR was trading close to $26..

DJ MARKET TALK: MS Lifts MTRC Target To HK$20; Keeps Underweight

1009 [Dow Jones] STOCK CALL: Morgan Stanley lifts MTRC (0066.HK) target to HK$20.00 from HK$15.30, based on 1%/21% higher EPS forecast for FY09/10 driven by " constructive view of the Hong Kong residential market and higher ASP assumptions."

Still, says current valuation of 23X FY10 P/E, 1.3X P/B close to peak multiples; keeps Underweight call. Adds, 12% of broker's estimated NAV attributable to earnings generated after 2011, thinks market assigning significant NAV to future property, rail projects and assigning zero risk, which not prudent.

Notes stock has underperformed developer peers since March; warns, "we expect this to continue." MTRC +0.8% at HK$24.25.

Source; Dow Jones Newswire
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Re: MTRC 0066

Postby winston » Fri Jul 10, 2009 11:51 am

DJ MARKET TALK: CLSA Keeps MTRC At Buy; Targets HK$29.00

1120 [Dow Jones] STOCK CALL: CLSA keeps MTRC (0066.HK) at Buy with HK$29.00 target. Notes MTRC's railway funding gap for West Island Line project has been covered by government's 82% subsidy; says this bodes well for the corporation's future funding arrangements.

"Stable cash generation from existing operations and investment properties provides sanity to valuations, while new concessions in Hong Kong, China and overseas offer the growth angle." Stock +0.2% at HK$23.45

Source: Dow Jones Newswire
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Re: MTRC 0066

Postby winston » Wed Jul 22, 2009 10:48 am

DJ MARKET TALK: Daiwa Keeps MTR Corp At Outperform;HK$28.9 Target

0912 [Dow Jones] STOCK CALL: Daiwa tips MTR Corp's (0066.HK) 1H09 net profit to rise by 20.5% on-year to HK$3.29 billion, mainly due to estimated HK$650 million write-back of provisions from the Palazzo as well as estimated HK$900 million in profit-sharing from Harbourside.

"We think MTRC's property component remains undervalued and we expect its forthcoming interim results (expected early August) to be strong." Keeps at Outperform, target at HK$28.90. Stock ended +1.7% at HK$26.65 Tuesday.

Source: Dow Jones Newswire
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Re: MTRC 0066

Postby winston » Tue Aug 11, 2009 8:02 pm

MTR Profit Beats Estimates on Hong Kong Home Sales (Update1)
By Chia-Peck Wong and Nicholas Olczak

Aug. 11 (Bloomberg) -- MTR Corp., Hong Kong’s subway operator, said first-half underlying income rose 43 percent as it booked earnings from apartment sales.

Underlying profit, excluding property revaluation gains, rose to HK$3.90 billion ($503 million) from HK$2.7 billion a year earlier, MTR, 76 percent-owned by the city’s government, said in a statement to the stock exchange today. That beat the median HK$2.96 billion forecast of six analysts surveyed by Bloomberg News.

http://www.bloomberg.com/apps/news?pid= ... _D3cODJRHk
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Re: MTRC 0066

Postby winston » Wed Aug 12, 2009 6:56 am

MTRC rides high on property

Alfred Liu, The Standard HK

MTR Corp (0066) reported a 43 percent gain in interim core profit due to surging property sales.

Underlying income for the six months ended June was HK$3.9 billion beating the highest forecast of HK$2.8 billion.

Profit including investments and property revaluation fell 4 percent to HK$4.5 billion. An interim dividend of 14 HK cents was declared, same as 2008.

Property development profit soared 517 percent to HK$2.15 billion, mainly from bookings at The Harbourside, The Palazzo and The Capitol.

MTRC and Hang Lung Properties (0101) are now separately selling flats at The Harbourside, their Kowloon Station joint development.

"There is no competition, no conflict between us," MTRC chief executive Chow Chung-kong said. MTRC property director Thomas Ho Hang-kwong added: "We have made an agreement to sell individually at different prices."

MTRC has tendered five homes at The Harbourside, with a sales target of HK$15,000 per square foot, sources said.

Hang Lung Properties made a surprise move yesterday to put apartments of the same project on the market at HK$14,000 to HK$16,000 psf, sources said. Agents estimated sales could reach nearly 100 homes.

MTRC also reported that first-half operating profit from railway and related businesses before depreciation and amortization rose slightly to HK$4.8 billion.

Total fare revenue was HK$5.53 billion, down 1.2 percent year-on-year.

Source: The Standard HK
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Re: MTRC 0066

Postby winston » Wed Sep 30, 2009 10:06 am

DJ MARKET TALK: DBS Tips MTRC As "Defensive Growth" Play

0915 [Dow Jones] STOCK CALL: DBS Vickers tips MTRC (0066.HK) as "defensive growth stock;" keeps Buy call, HK$30.65 target price. Says defensive attributes from railway earnings being resilient amid downturn, while significant network expansion over next decade offers sustainable growth potential.

Adds, sizable strategically located development land bank makes MTRC prime beneficiary of government's ongoing favorable land policy. On valuation, says stock trading at 12% discount to estimated NAV, remains attractive given "defensive earnings profile and long-term growth prospects."

Source: Dow Jones Newswire
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Re: MTRC 0066

Postby winston » Wed Feb 10, 2010 11:30 am

Not vested.

DJ MARKET TALK: DB Raises MTRC To Buy;Safer Proxy For HK Property

1108 [Dow Jones] STOCK CALL: Deutsche Bank raises MTR Corp (0066.HK) to Buy from Hold, target price to HK$30.30 vs HK$27.00. Says upgrade due to positive fundamentals, upcoming catalysts; expects HK government to grant land sites for South Island Line during 2H10, strengthening MTRC's existing 30 million sq ft land bank in HK; tender of Austin Station will close on Feb. 24, expects "fierce competition" among developers, estimate 70% of project's profits to be offered to MTRC.

On railway side, expects fares to rise 2% this year. In all, MTRC "a safer proxy for Hong Kong property." Stock +1.1% at HK$26.80, HSI flat.

Source: Dow Jones Newswire
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Re: MTRC 0066

Postby winston » Wed Mar 10, 2010 11:03 am

Not vested.

DJ MARKET TALK: MTRC +1.2%; Citigroup Raises Target To HK$35

1023 [Dow Jones] MTRC (0066.HK) +1.2% at HK$28.90 as FY09 results tad above view, higher dividend payout pleasant surprise; while dividend at less than 2% still unappealing, MTRC hints at higher payout ahead.

Citigroup raises FY10-11 earnings forecasts by 3%-7% to reflect current state of HK property market, accordingly raises target price from HK$34 to HK$35, now based on approximately mean NAV. House keeps Buy call on MTRC, one of house's top HK picks says MTRC is "a beneficiary of the HKSAR Budget, as we believe MTRC could speed up tendering new sites."

MTRC says it will conduct tenders to develop properties with combined 7,000 flats near rail lines this year; if HK property uptrend stays intact, should boost earnings going forward. Volume solid but not overwhelming at HK$34.5 million; psychological HK$30 set to cap short-term upside.

Source: Dow Jones Newswire
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Re: MTRC 0066

Postby winston » Thu Mar 11, 2010 7:27 am

MTR Corp posted a 10.77 per cent drop in underlying net profit to HK$7.3 billion last year and executives do not hold out any hope of quick profits from projects outside Hong Kong.

Source: SOUTH CHINA MORNING POST
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Re: MTRC 0066

Postby winston » Tue Apr 27, 2010 7:02 pm

MTR Director's Dodgy Degree
27th April 2010

Following yesterday's story on Barrington University and Mengniu Dairy, today's Dodgy Degree award goes to Andrew McCusker, the Operations Director of MTR Corporation Limited (MTRC, 0066), the Government-controlled railway operator. He "holds a degree in Mechanical Engineering from the Kensington University in the United States".

Kensington University, Inc. (KU) was an unaccredited company incorporated in Hawaii and formerly known as Kensington International University, Inc. and Kensington University (Hawaii), Inc.. On 29-Oct-2003 KU was ordered by the First Circuit Court of Hawaii to be shut down following a complaint by the Hawaii state Office of Consumer Protection which said:

"Defendant KU is not now or never has been accredited by a recognized accrediting agency or association recognized by the United States Secretary of Education."

http://webb-site.com/articles/mtrdegree.asp
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