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野村:下調港鐵(0066.HK)目標價至53.2港元 評級“買入”
格隆匯 12-18 11:53

野村發表研究報告,指港鐵(00066.HK)本地服務於12月初回復正常,認為目前是時候可以重新檢討盈利預期。7-11月期間,客運量跌14%,同時租務收入的影響亦會延至明年,故調整客運預期,今年下半年由跌2%增至跌13%,明年由升5%降至無增長,21年由升2.5%上調至升6%,今年的零售續租租金預測由跌1%及持平,明年由無升跌調整至跌5%。另外預期公司需額外5億元作被破壞的車務設施維修費。

該行降2019-21年基本每股盈利預測各14%,基本盈利相信有按年輕微增長,主要來自物業收入。更重要是,相信公司可以維持派息政策,因其自由現金流仍然正面,估算派息與去年持平。

該行又指,今年下半年為明年下半年帶來低基數影響,長遠相信公司可以有以下改善,包括有3個新商場完工,香港政府增加鐵路上蓋物業發展。目標價由56.6港元降至53.2港元,維持“買入”評級。

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