Goldman lowered the target price of HK Ports to HK$31.1 and maintained the "Buy" rating.

A report by Goldman Sachs pointed that MTR held a conference call in May, disclosing that local line passenger volume rose 2% YoY in April and May, recovering to 95% of 2018 level. The report also pointed that MTR disclosed that sales of mall and station stores were in line with Hong Kong's retail sales trend, i.e. -6% YoY in the first five months and recovering to 77% of pre-pandemic level. In terms of property development accounting, MTR expects 5 projects to be accounted in 2021, including Phase 11 of Jordan Gate, Phase 3 and 4 of Wong Chuk Hang Station, and Phase 1 and 2 of Hung Hom Station, most of which will be accounted in the second half of the year. The brokerage expects MTR's property development profit to be Rmb2.1bn in H1 and Rmb7.1bn in FY21. The brokerage forecasts MTR's core net profit to rise 52% YoY to Rmb4.8bn in H1; interim dividend to remain unchanged at Rmb0.42/share. The brokerage adjusts its earnings per share forecast for 2021-26 based on the latest passenger volume and property development accounting timeline, with target price cut to HK$31.1 from HK$32.5, and maintains “Buy” rating.