MTR Corp. downgraded to Underperform from Hold at Jefferies

Jefferies downgraded MTR Corp. to Underperform from Hold with a price target of HK$20, down from HK$23.50. The firm sees a “growing mismatch” in MTR’s cash flow, with more new railway keeping capex high, while its development pipeline could diminish following a sluggish land market since FY23, the analyst tells investors.