Hong Kong's MTR Corp half-year revenue falls on international business decline

MTR

13/08/2026 09:45

Overview
Hong Kong rail operator's half-year revenue fell 4.1% yr/yr, net income more than doubled
Company's net income surge mainly driven by HK property development profit
Transport operations maintained steady revenue growth, supported by increased patronage

Outlook
Company expects property development profit from Tai Wai Station in H2 2026
MTR Corp plans to tender two projects in the next 12 months
Company aims to expand revenue streams and exercise prudent financial management

Result Drivers
PROPERTY DEVELOPMENT PROFIT - Net income surge mainly driven by HK$12.2 bln property development profit, primarily from Tai Wai Station and THE SOUTHSIDE Package 5
INCREASED PATRONAGE - Steady revenue growth in HK transport operations attributed to increased patronage from cross-boundary and high-speed rail services
INTERNATIONAL BUSINESS DECLINE - Revenue from Chinese Mainland and international subsidiaries fell to HK$8.8 bln from HK$10.2 bln yr/yr

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
HK$26.23 bln
 
H1 Net Income Attributable
 
HK$15.87 bln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and 4 "sell" or "strong sell"
The average consensus recommendation for the passenger transportation, ground & sea peer group is "buy."
Wall Street's median 12-month price target for MTR Corporation Limited is HK$33.00, about 2.2% above its August 12 closing price of HK$32.30
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 14 three months ago

Reuters Recommended Reads
Aug 13 - Hong Kong's Hysan Development H1 profit rises 7.4%
Aug 11 - Hong Kong's Wharf Holdings H1 net profit falls due to lower dividend income
Aug 10 - China's Midea Real Estate interim revenue falls, hurt by real estate technology

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)