《大行報告》大摩再下調港鐵(00066.HK)目標價至41元 評級「減持」
摩根士丹利發表研究報告,指港鐵(00066.HK)進一步增加沙田至中環線項目的管理責任所需費用,增加的金額估計將約為13.7億元。是繼2019年7月增加20億元費用後再一次增加,這符合該行早前對沙中線相關進一步財務影響的懷疑。報告指,目前沙中線項目委託費用預算近830億元,較立法會批出的款項多120億元。政府現時正尋求立法會批准額外費用,但不包括13.7億元的額外項目管理費用。據了解,港鐵仍就此與政府溝通,但政府已作出決定。該行估計,在去年5月份至今年2月份期間,各種事件對港鐵造成約72億元的負面盈利影響,佔年度基本利潤64%。大摩認為,目前的估值已反映出香港樓市的弱勢,但對於沙中線建造的財務及港鐵客流量急劇下跌的影響則仍未反映。自去年7月份以來,公司的股價下跌21%,跑輸恆生指數,但與香港地產股同步。該行認為其估值相對於其他香港地產股仍然是沒有吸引力,維持「減持」投資評級。該行又將公司2019至2020年的每股盈利預測下調32%,以反映乘客量減少及推出租金紓緩措施、更高的營運成本及沙中線超支等影響。預期2019及2020年的每股派息將持平,目標價由47元下調13%至41元,以反映經常性盈利前景減弱。
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