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MTR Corporation (0066 HK ) Equity Market Hong Kong Equity Morning Notes Martin Ma (SFC CE:BPJ506) (852) 3519 1055 October 9, 2020 Market Wrap HSI▼0.20% HSCEI▼0.05% Turnover HK$117.69 bn ▼12% (30-day average) SSE Composite▼0.20% SZSE Component ▲0.05% Sector tracking Stock tracking 1D ▲% 1Y ▲% 1D ▲% 1Q ▲% Materials 3.6 Transportation 251.1 SOLARGIGA ENERGY(757) 43.3 NEXION TECHNOLOG(8420) 321.1 Capital Goods 251.1 Capital Goods 2.4 COMTEC SOLAR(712) 35.0 YTO EXPRESS HOLD(6123) 248.3 Materials 126.1 Transportation 2.0 GREAT WATER HOLD(8196) 33.3 SOLARGIGA ENERGY(757) 221.4 Automobiles 81.1 Automobiles 1.2 XINYI AUTOMOBILE(8328) 31.1 C&N HOLDINGS LTD(8430) 215.8 Consumer Services 47.9 Health Care 0.9 CHU KONG PETROLE(1938) 25.8 CHINA ZHONGDI DA(1492) 214.3 Market Highlight Hong Kong Utilities Series V: MTR Corporation (0066 HK ) The MTR Corporation was established in 1975 as the Mass •The Mass Transit Railway Corporation was established Transit Railway Corporation, an urban metro system to help meet 1975 and wholly-owned by the British Hong Kong Government Hong Kong's public transport requirements. The corporation was re-established as the MTR •The Mass Transit Railway Corporation was reorganized Corporation Limited in June 2000 after the Hong Kong government 1998 into the MTR Corporation sold 23% of its issued share capital to private investors in the IPO of MTR on 5 October 2000. The corporation marked another major •The MTR Corporation was privatized and then listed on milestone on 2 December 2007 when the operations of the 2000 the HKEX Kowloon-Canton Railway Corporation (“KCRC”) were merged into the MTR, heralding a new era in Hong Kong railway development. • Hong Kong government and MTR reached a consensus The MTR Corporation has five major segments, namely Hong Kong 2006 on the rail merger, which was approved by the LegCo transport operations, station commercial business, property rental and management business, mainland transport and international •Shareholders voted to pass the Rail Merger at the special transport services. 2007 shareholders meeting of MTR MTR booked gross revenue of HK$54.504B and pre-tax profit of HK$13.501B in 2019, a yoy decrease of 8.8%. The decline was •Hangzhou Metro Line 1 was built with Hangzhou chiefly due to a big drop in passenger volume in Hong Kong caused 2008 Municipal Government via joint venture by social unrest in 2H19, resulting in the first loss of the Hong Kong transport operations in years. Five segments HK transport HK station commercial Property dev. and mgt. Mainland and overseas From a single line that opened MTR offers a variety of railway- Based on the “rail plus MTR is engaged in the in 1979, MTR now operates a related services, including property” business model, MTR construction and operation of 262.6-km railway network in station retail outlets, built integrated communities Beijing subway line 4, 14, and Hong Kong that carried over advertising and along the railway network. MTR 16, Shenzhen subway line 4 1.9 billion passenger journeys, telecommunications services. In fully played its property and Hangzhou subway line 1. with an on-time rate of 99.9% 2019, the number of station development and management In addition, overseas business in 2019. MTR strives to be the outlets reached 1,492 with GFA expertise to bridge the property involves the operation and best public transport service of 67,337m2, while the number management business to the management of TfL Rail in the provider in Hong Kong by of advertising units notched properties and shopping malls UK, Melbourne railway in offering safe, reliable and 48,148 and 4G data is built along the railway lines, Australia and Stockholm caring service to customers. accessible along the journey. forging close ties with the subway in Sweden, etc. public community. Orient Securities (Hong Kong) Limited 1 October 9, 2020 10-year operations and share prices 10-year share price 55 Hong Kong’s rent hike after the (HKD) financial crisis 35 Public order events in 2H19 15 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Operating Income (HKD) and YoY (%) In 2010-2015, with the gentle recovery of the economy, an increasing number of mainland With Hong Kong’s tightening of the 50.00% 5,000.0 Hong Kong visitors to Hong Kong boosted the Hong Kong transport operations of MTR. Moreover, the “fare Individual Visit Scheme, the further 30.00% adjustment mechanism” was implemented since June 2010 after the rail merger. MTR first decline in mainland visitors had a direct 3,000.0 10.00% transport rebates all the proceeds from the price hike in the current year to the citizens through impact on the HK transport operations -10.00% 1,000.0 promotions to reduce the public’s dissatisfaction with the price raise, and then it enjoys the of MTR. Meanwhile, the segment was -30.00% operations growth in the second year. The fare adjustment is carried out basically every year with a range of battered by the slump in mainland 2%-3%, pushing up the results steadily. visitors due to social unrest in 2H19. -1,000.0 2010201120122013201420152016201720182019 -50.00% MTR refurbished multiple integrated stations after the rail merger, whilst the opening of the With the completion of renovation of 50.00% Hong Kong Tseung Kwan O Line and Kowloon Southern Link expanded the area of station shops and platforms, the growth point of the 5,000.0 30.00% station advertising units, with shops increasing from 1,254 in 2009 to nearly 1,400 by 2016, and the station business depends on the hike in 3,000.0 10.00% advertising units jumping roughly 1,200. In addition, as the commercial property rentals rose in rent of shops and the advertising units, -10.00% commercial Hong Kong during the period, MTR saw a stable growth in revenue from station shops. Moreover, whereas the 2019 social unrest had a 1,000.0 -30.00% business since a new agreement on duty-free shops at Lo Wo Station and Hung Hom Station was signed, certain negative impact on shop coupled with rental adjustment, MTR logged a high growth of 25.6% in operating profit in 2013. rentals. -1,000.0 2010201120122013201420152016201720182019 -50.00% As the property market is on rise, MTR’s properties are welcomed MTR’s property dev. earnings MTR booked a profit of HK$5.531B 50.00% 5,000.0 Hong Kong due to its convenient transportation and complete supporting depend on the dev. cycle, from property dev., mainly stemming 30.00% facilities. MTR logged profits of HK$4.034B and HK$4.939B in 2010 while the decline is mostly from the income from Malibu and the 3,000.0 10.00% property and 2011, respectively, by disposal of projects at LOHAS Park, Fo because certain projects gains from the commercial properties -10.00% 1,000.0 dev. Tan, Wu Kai Sha and Tai Wai. In 2014, MTR recorded a profit of which are under dev. or of LOHAS Park. The projects at LOHAS -30.00% HK$4.216B from the sale of the Austin Station project. ready-for-acceptance are Park have entered the mid-to-late -1,000.0 -50.00% excluded from the profit. stage, implying a slower growth. 2010201120122013201420152016201720182019 MTR’s property management business primarily involves management of The gain in profit during the period was mainly due to 50.00% shopping malls and residential properties built above MTR stations under the the increase in rents and residential units of property 5,000.0 Operating income Operating HK property “Rail plus Property” strategy. MTR’s property management business grows management. MTR managed 104,000 residential units as 30.00% robustly with the completion of the co-developing property projects. As of 2016, of 2019, up from the 81,962 units in 2010. The slight 3,000.0 10.00% rental and MTR owned 212,538 m2 of retail properties and 39,410 m2 of office buildings in slide in profit growth in 2019 was largely owing to the -10.00% 1,000.0 mgt. Hong Kong, whilst MTR’s shopping malls maintained an occupancy rate of rent subsidies provided to some tenants by the company -30.00% roughly 100%. In virtue of the rosy economy and notable development trend, amid the social unrest, offsetting the revenue expansion. -1,000.0 -50.00% the lasting growth of shop rentals contributed a lot to earnings. 2010201120122013201420152016201720182019 MTR set up joint ventures in Beijing, Hangzhou and Shenzhen to In 2017, First MTR South Western Trains Limited, a joint venture with 50.00% co-manage several subway lines. However, the profit growth First Group plc, obtained the concession to operate the South Western 5,000.0 30.00% Mainland steadily slowed down. Meanwhile, the company actively invested Railway in the UK. The new franchise took effect on August 20, 2017 in the overseas market. On July 18, 2014, MTR Corporation for a period of 7 years. The Department of Transport in the UK has an 3,000.0 10.00% and intl. -10.00% (Crossrail) Limited, a 100% owned subsidiary of MTR Corporation, option to extend the franchise for 11 months. First Group and MTR 1,000.0 business was awarded the concession to operate the new Elizabeth line each hold 70% and 30% stakes. In the same year, MTR logged -30.00% (previously known as Crossrail) train service across London for a HK$2.314B of income from property development by sale of -1,000.0 2010201120122013201420152016201720182019 -50.00% period of 8 years, which can be extended for more than two years.
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