Golden Sachs slightly downgrades MTR Corporation profit forecasts

Golden Sachs pointed out that it was good news for MTR Corporation (0066) raising the ticket prices by 2.3% averagely, but the advantaged factors would be offset by delaying the movement till next April. Accordingly, the fund house maintained the rating of the company at ˇ§lead the marketˇ¨. The fund house estimated that delaying the price-increase would make the net assets decrease 1% to HK$13.8 per share and it downgraded the profit forecast of the company in 2001 from HK$0.9 per share to HK$0.88 per share, down 2.22% and downgraded the net profit forecast to HK$4.4 bln. Meanwhile, the fund house downgraded the profit forecast of the company in 2002 from HK$1.06 per share to HK$1.06 per share, down 0.9% and estimated its 2002 net profit to be HK$5.226 bln.

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