Tama estimates that the MTR Corporation (00066) Duty Free Shop will generate 1.7 billion yuan in rent in 2023.
The Zhitong Finance App learned that Morgan Stanley released a research report saying that the basic profit of MTR Corporation (00066) in 2023 was 6.364 billion yuan, down 40% year on year, roughly in line with expectations. The dividend per share was 1.31 yuan, in line with expectations, while the capital expenditure forecast for 2024-2026 is still at a high level of 88 billion yuan. At the same time, it was pointed out that the resumption of its duty-free business led to a 66% year-on-year increase in business revenue at Hong Kong Station. It is estimated that duty-free shops will generate rent of 1.7 billion yuan in 2023, giving a target price of HK$29 and a “reduced holdings” rating.