高盛:重申港铁(0066.HK)“买入”评级 目标价54港元
高盛发表的研究报告指,港铁公司(00066.HK)在收市后公布尽管受近期社会不稳影响,料撇除24.3亿元拨备及投资物业重估收益后,2019财年核心盈利将不少2018财年的113亿元。公司估计7-11月社会事件带来的财务影响约为16亿元,当中已计及载客量按年下跌14%、维修车站及设施的开支、聘请额外人手及为商户提供租金优惠和宽减等。该行留意到公司已於12月2日回复正常营运时间,并重申有意维持渐进派息政策。
该行认为今次的「盈利增长」指引符合该行预期,并较部分市场人士预计更好,相信今年公司核心盈利将增4%至117亿元,当中包括69亿元来自可持续收入,37亿元来自物业入帐等。

高盛相信公告可助缓解市场对公司盈利表现的忧虑,以及近期社会事件对公司未来派息比率方面的影响,由於现时仍未知社会事件会否持续,该行的现金流分析指出公司有足够的可持续现金流以支持渐进派息政策,随着未来数月香港社会有所稳定,其铁路业务亦快速复苏,而其车站及租赁物业业务更多是由本地市场主导,不受访港旅客趋势影响,未来将维持审慎。目前股价较资产净值折让16%,较历史平均值低一个标准差,重申“买入”评级,目标价54港元。
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