瑞銀:下調港鐵(0066.HK)目標價至47.7港元 評級“中性”
瑞銀髮表報告指,港鐵(00066.HK)早前宣佈香港社會事件對7月至11月利潤產生16億元負面影響,屬市場預期之內,認為對港鐵財務未造成重要影響,但預期即使港鐵管理層計劃維持漸進的派息政策,受利潤下降影響今年派息將保持低單位數增長,預測全年度利潤將按年下跌8%。
該行指出,16億元的負面影響當中有55%至60%主要歸咎於客運收入減少,20%至30%是由於車站損壞,另有10%至20%則是由於較高的運營成本。上述原因再加上2020財年預計租金收入受減免優惠等影響,按年下跌5%,該行將2019至2021財年的淨利潤預期下調了11%、6%及6%,並估計社會事件的影響將延續至2020財年首季。
瑞銀將港鐵目標價由48.7港元下調至47.7港元,評級“中性”,認為目前主要風險包括美國國債收益率急劇上升,導致利率上升及港鐵投資物業資產淨值下降;內地經濟顯着放緩令訪港旅客減少及零售業表現不滯等。

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