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Hong Kong's rail operator, also a major property developer that builds atop and around its stations.
Hong Kong's rail operator, also a major property developer that builds atop and around its stations.
Earns fares under a mechanism that adjusts yearly with wages and costs, plus rent from malls above stations and profits from housing built on station sites that the government lets it develop; the property profits are lumpy. The Hong Kong government is the majority shareholder.
In one line: HK's mass-transit operator with a unique rail-plus-property development model.
Moat: wide (regulatory licence, installed base, scale). Sole HK metro operator with government-granted development rights above stations.
Headquarters: Hong Kong · Founded: 1975 · Employees: 29,866
Size Mtr (0066.HK) is a Hong Kong Industrials company (Other Transportation) with a market value of $27.2B, the 58th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$34.30 on 6 Nov 2026.
Performance Over six months the shares gained 0.7%, against +8.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue fell 6.5% over the last twelve months (peer median +6.8%); the operating margin is 15.1% (peer median 26.6%).
Valuation It trades at 10.8× forward earnings against a peer median of 17.1× (3rd cheapest of 20).
Capital Return on invested capital runs 3.2 points below its cost of capital (5.5% WACC).
Credit Mtr has 10 bonds outstanding ($11.4B), rated AA+ by the agencies and trading like AA at a weighted spread of 63 bp.
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$54.3B | HK$55.5B | HK$60.0B | HK$57.0B | HK$47.8B |
| Revenue growth | — | -8% | +5% | +19% | — |
| Gross profit | HK$13.3B | HK$13.4B | HK$12.3B | HK$9.60B | HK$2.47B |
| EBITDA | HK$14.9B | HK$14.8B | HK$15.0B | HK$11.9B | HK$7.59B |
| Net income | HK$22.8B | HK$14.7B | HK$15.8B | HK$7.78B | HK$9.83B |
| Free cash flow | -HK$10.7B | -HK$10.5B | -HK$2.20B | -HK$1.86B | -HK$12.8B |
| Capital expenditure | HK$24.2B | HK$22.1B | HK$20.0B | HK$12.3B | HK$19.3B |
| Total debt | n/a | HK$122B | HK$87.7B | HK$69.7B | HK$58.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mtr 0066.HK | $27.2B | +1% | -6% | 15% | 10.8× | n/a |
| Shk Ppt 0016.HK | $43.5B | -18% | +17% | 26% | 14.1× | n/a |
| China Res Land 1109.HK | $29.1B | -7% | -12% | 16% | 8.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0066.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.5% | +10.7% | 9th lowest of 20 |
| 6-month return | +0.7% | +8.6% | 5th lowest of 20 |
| Distance from 52-week high | -6.9% | -12.6% | 9th highest of 20 |
| Revenue growth (TTM) | -6.5% | +6.8% | lowest of 20 |
| Operating margin | 15.1% | 26.6% | 4th lowest of 20 |
| Forward P/E | 10.8× | 17.1× | 3rd cheapest of 20 |
| ROIC minus cost of capital | -3.2 pp | +0.3 pp | 4th lowest of 20 |
| EV / EBITDA | 20.4× | 12.2× | 3rd most expensive of 12 |
| Net debt / EBITDA | 6.0× | 3.2× | 4th most indebted of 12 |
| Bond spread | 63 bp | 98 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mtr 0066.HK | Hong Kong | $27.2B | +1% | -6% | 15% | 10.8× | n/a | n/a |
| Central Japan Railway 9022.T | Japan | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% | +19.5% |
| Transurban TCL.AX | Australia | $31.6B | +1% | 0% | 30% | 84.3× | 27.8% | +5.9% |
| Shanghai International Port (Group) 600018.SS | China | $19.7B | +14% | +9% | 23% | 8.6× | -3.6% | +9.0% |
| Adani Ports & Special Economic Zone ADANIPORTS.NS | India | $47.2B | +12% | +23% | 44% | 29.4× | 34.5% | +25.3% |
| Aena SME AENA.MC | Spain | $47.6B | +21% | +11% | 46% | 18.1× | 7.0% | +23.6% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| Jiangsu Expressway 600377.SS | China | $9.75B | +13% | +3% | 25% | 14.5× | n/a | n/a |
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% | +25.4% |
| China Merchants Port 001872.SZ | China | $9.20B | +14% | +8% | 32% | 12.9× | 2.1% | +6.2% |
| StandardAero SARO | United States | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% | +13.5% |
| Qingdao Port International 601298.SS | China | $8.98B | +10% | +4% | 31% | 12.0× | -12.0% | +7.2% |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 12.2× | -2.3% | +27.0% |
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% | +16.9% |
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% | +21.5% |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 13.2× | n/a | n/a |
Mtr has 10 bonds outstanding with $11.4B face value. The agencies rate it AA+; its bonds trade like AA. Weighted yield 4.93%, a spread of 63 bp over government bonds.