calculate the stock prices for 5 year based on DGMDIVIDEND GROWTH MODEL)

MTR CORPORAT CON. (00066.HK) Last(HKD) 42.200 -0.350 (0.823%) Range 42.150-42.600 Earnings Summary Annual v Closing Date 2016/12 2017/12 2018/12 2019/12 2020/12 Trend Net Profit (Mn) 10,254 16,829 16,008 11,932 -4,809 ullu. 20,000.00 10,000.00 I 0.00 2016/12 2017/12 2018/12 2019/12 2020/12 Net Profit Growth (%) -21.09 64.12 -4.88 -25.46 Earnings Per Share 1.7400 2.8300 2.6400 1.9400 -0.7800 ullu. EPS Growth (%) -21.62 62.64 -6.71 -26.52 Dividend Per Share > 3.2700 3.3200 1.2000 1.2300 1.2300 II PE (X) 23.56 17.17 16.02 25.26 -54.10 - 1 Yield (%) 7.98 6.83 2.84 2.51 2.91 LE Dividend Payout (%) 187.93 117.31 45.45 63.40 -157.69 -- NAV 25.3097 27.6815 29.3912 30.3033 28.6022 IIII Currency HKD HKD HKD HKD HKD Currency Conversion 1 1 1 1 1 MTR CORPORAT CON. (00066.HK) Last(HKD) 42.200 -0.350 (0.823%) Range 42.150-42.600 Earnings Summary Annual v Closing Date 2016/12 2017/12 2018/12 2019/12 2020/12 Trend Net Profit (Mn) 10,254 16,829 16,008 11,932 -4,809 ullu. 20,000.00 10,000.00 I 0.00 2016/12 2017/12 2018/12 2019/12 2020/12 Net Profit Growth (%) -21.09 64.12 -4.88 -25.46 Earnings Per Share 1.7400 2.8300 2.6400 1.9400 -0.7800 ullu. EPS Growth (%) -21.62 62.64 -6.71 -26.52 Dividend Per Share > 3.2700 3.3200 1.2000 1.2300 1.2300 II PE (X) 23.56 17.17 16.02 25.26 -54.10 - 1 Yield (%) 7.98 6.83 2.84 2.51 2.91 LE Dividend Payout (%) 187.93 117.31 45.45 63.40 -157.69 -- NAV 25.3097 27.6815 29.3912 30.3033 28.6022 IIII Currency HKD HKD HKD HKD HKD Currency Conversion 1 1 1 1 1