MTR Corporation (00066) saw a quarterly increase in passenger traffic in April 2024, and the performance was better than expected.
The Zhitong Finance App learned that Morgan Stanley released a research report stating that it maintains the MTR Corporation (00066) “gain” rating, with a target price of HK$30.
According to the report, the company's passenger volume increased quarterly in April 2024, and the performance was better than expected. Despite the high departure rate of residents, the number of domestic visitors is still accelerating, with a year-on-year increase of 2% to 96% in 2018. Compared with the normalization base, airport express lines, cross-border trains, and high-speed rail, there was a year-on-year increase of 7%-23%.
Furthermore, the MTR's net asset value discount per share is now 25%, which is 1.5 standard deviations wider than the long-term average since 2011, reflecting rising debt costs and challenging macroeconomic conditions.