《大行報告》大摩下調港鐵(00066.HK)目標價至37元 評級「減持」
摩根士丹利發表報告指,港鐵(00066.HK)將於8月6日公布今年上半年業績,由於集團7月初已發盈警,因此上半年經營業績表現疲弱應是眾所周知。不過,該行相信市場未完全反映港鐵下半年盈利持續疲弱,及明年的復甦之路緩慢。
大摩預期,由於持續盈利疲弱及欠缺物業發展利潤,料港鐵今年下半年的基礎盈利按年將下跌90%,下調集團今明兩年每股盈利預測分別30%及22%,至1.04元及1.69元。
該行下調港鐵股份目標價,由41元降至37元,評級維持「減持」。大摩假設港鐵今明兩年的每股常規派息持平,而且於今年至2022年無特別息分派,反映集團客流量增長前景放慢、香港零售銷售及租金前景放緩,和今年下半年推票價優惠20%(其中一半由港鐵承擔)等因素。
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