According to a report published by DBS, the MTR's core profit last year was in line with the bank's expectations. The steady recovery of business after the pandemic, and improvements in transportation, in-station commerce and shopping mall operations will drive continued profit growth. The expansion of the railway network has brought opportunities for MTR property development. After the government relaxes property market measures, it will benefit from an improvement in the housing market atmosphere. The bank believes that local property prices play a more important role in MTR's future profit prospects and stock price performance. The current price is equivalent to a 40% net asset value discount per share, which is an attractive level from a historical level. The target price was lowered from HK$36.2 to HK$34.7.