Glonghui, July 15 | Goldman Sachs released a report saying that the MTR held a conference call this month to reveal that the number of local passengers increased by 2% year-on-year from April to May, returning to 95% in 2018. According to the report, the MTR also revealed that sales in shopping malls and train stations are generally in line with retail sales trends in Hong Kong, that is, they fell 6% in the first five months and returned to 77% levels before the epidemic. In terms of property development accounts, the MTR is expected to account for five projects within the year, including Sunrise Kangcheng Phase 11, Wong Chuk Hang Station Phase 3 and 4, and Ho Man Tin Station Phase 1 and 2, most of which will be recorded in the second half of the year. The bank estimates that the MTR property development profit is 2.1 billion for half a year and HK$7.1 billion for the whole year. The bank predicts that the MTR's medium-term core net profit will rise 52% year-on-year to HK$4.8 billion; the medium-term interest rate will remain flat year-on-year at HK$0.42 per share. The bank adjusted its earnings forecast per share from this year to 2026 according to the latest passenger volume and property development accounting schedule. The target price was reduced from HK$32.5 to HK$31.1, maintaining a “buy” rating.