《大行報告》瑞銀下調港鐵(00066.HK)目標價至46.7元 反映受疫情影響
瑞銀發表的研究報告指,將港鐵(00066.HK)2020年盈利預測下調29%,以反映新型冠狀病毒疫情爆發帶來的影響,該行假設情況將集中在今年上半年,客量在年中將復甦至正常水平,但估計疫情爆發將拖累車站及商場租賃業務下跌,受本地消費轉弱及失業率提升拖累,影響有機會延至2021年。
該行指出受疫情影響,港鐵公布針對乘客及租戶的紓緩措施,包括是2020年不加票價,並於二、三月為中小型商戶提供50%租金寬減,認為佔其車站及商場租金收入約30%至40%左右,大型商戶的支援措施則會視乎個案而定,而現有的3.3%八達通車費回贈將再延長三個月至6月底。
該行將公司2020年運輸收入預測下調22%,並估計相關收入全年將跌15%,在車站商業業務及投資物業方面,該行將其EBITDA預測降4%以反映租金寬減措施帶來的影響,另外亦對租賃前景看法較悲觀,估計2020年及2021年將分別跌10%及5%,總體而言將公司2020及2021年盈利預測分別削29%及3%,目標價由47.7元降至46.7元,評級「中性」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.