66 (MTR Corp Ltd) vs Hang Seng (Hong Kong) Comparison

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MTR Corp Ltd
Glance View

Market Cap

156.4B HKD

Industry

Road & Rail

MTR Corporation Limited, commonly known as MTR, is a prominent player in the urban transit ecosystem, primarily responsible for operating Hong Kong's renowned Mass Transit Railway system. Born out of the bustling metropolis's need for an efficient and reliable public transportation system, MTR has successfully evolved into a multi-faceted enterprise. At the core of its operations, the company manages an extensive network of trains that crisscross Hong Kong, providing millions of passengers daily with swift and dependable transport solutions. This impressive rail network underscores MTR's expertise in urban mobility, ensuring its position as a backbone of the city’s infrastructure. Beyond the tracks, MTR exemplifies innovation in how it maximizes profitability through its "rail plus property" business model. Recognizing the strategic advantages of symbiotic urban development, MTR has invested in real estate projects around its station hubs and railway lines. This dual focus not only generates substantial revenue from property sales and leasing but also feeds back into ridership growth, as well-developed areas attract more passengers. By intertwining transportation and real estate, MTR has crafted a sustainable financial ecosystem that seamlessly integrates the dynamics of railway infrastructure with residential and commercial real estate development. This model not only bolsters its financial standing but also reaffirms its pivotal role in shaping Hong Kong's urban landscape.

View MTR Corp Ltd Analysis

Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

US		Union Pacific Corp NYSE:UNP	Add
CA		Canadian Pacific Railway Ltd TSX:CP	Add
CA		Canadian National Railway Co TSX:CNR	Add
US		CSX Corp NASDAQ:CSX	Add
US		Norfolk Southern Corp NYSE:NSC	Add
CN		Beijing-Shanghai High Speed Railway Co Ltd SSE:601816	Add
US	K	Kansas City Southern LSE:0JQ4	Add
JP		East Japan Railway Co TSE:9020	Add
JP		Central Japan Railway Co TSE:9022	Add
CN		Daqin Railway Co Ltd SSE:601006	Add

US		Union Pacific Corp NYSE:UNP	Select
CA		Canadian Pacific Railway Ltd TSX:CP	Select
CA		Canadian National Railway Co TSX:CNR	Select
US		CSX Corp NASDAQ:CSX	Select
US		Norfolk Southern Corp NYSE:NSC	Select
CN		Beijing-Shanghai High Speed Railway Co Ltd SSE:601816	Select
US	K	Kansas City Southern LSE:0JQ4	Select
JP		East Japan Railway Co TSE:9020	Select
JP		Central Japan Railway Co TSE:9022	Select
CN		Daqin Railway Co Ltd SSE:601006	Select

US		Union Pacific Corp NYSE:UNP	Add
CA		Canadian Pacific Railway Ltd TSX:CP	Add
CA		Canadian National Railway Co TSX:CNR	Add
US		CSX Corp NASDAQ:CSX	Add
US		Norfolk Southern Corp NYSE:NSC	Add
CN		Beijing-Shanghai High Speed Railway Co Ltd SSE:601816	Add
US	K	Kansas City Southern LSE:0JQ4	Add
JP		East Japan Railway Co TSE:9020	Add
JP		Central Japan Railway Co TSE:9022	Add
CN		Daqin Railway Co Ltd SSE:601006	Add

US	G	GE Vernova LLC NYSE:GEV	Add
NL	N	Nepi Rockcastle NV JSE:NRP	Add
US		Schlumberger NV NYSE:SLB	Add
US	B	Baker Hughes Co NASDAQ:BKR	Add
ID		Amman Mineral Internasional Tbk PT IDX:AMMN	Add
US	R	Reddit Inc NYSE:RDDT	Add
CH	G	Galderma Group AG SIX:GALD	Add
US		Halliburton Co NYSE:HAL	Add
LU		Tenaris SA MIL:TEN	Add
IN		Jio Financial Services Ltd NSE:JIOFIN	Add

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66

vs

Hang Seng (Hong Kong)

Stocks Performance
66 vs Hang Seng (Hong Kong)

Performance Gap
66 vs Hang Seng (Hong Kong)

Performance By Year
66 vs Hang Seng (Hong Kong)

Competitors Performance
MTR Corp Ltd vs Peers

MTR Corp Ltd
Glance View

Company

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66 vs Hang Seng (Hong Kong)

Stocks Performance 66 vs Hang Seng (Hong Kong)

Performance Gap 66 vs Hang Seng (Hong Kong)

Performance By Year 66 vs Hang Seng (Hong Kong)

Competitors Performance MTR Corp Ltd vs Peers

MTR Corp Ltd Glance View

Company

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Stocks

66

vs

Hang Seng (Hong Kong)

Stocks Performance
66 vs Hang Seng (Hong Kong)

Performance Gap
66 vs Hang Seng (Hong Kong)

Performance By Year
66 vs Hang Seng (Hong Kong)

Competitors Performance
MTR Corp Ltd vs Peers

MTR Corp Ltd
Glance View