《大行报告》瑞银升港铁(00066.HK)评级至「买入」 目标价上调至50.2元
瑞银发表的研究报告指,将港铁(00066.HK)评级由「中性」升至「买入」,目标价由45.7元升至50.2元,考虑到社会不稳及疫情影响已反映,随着第三波疫情开始缓和,相信投资者将焦点转向短期复苏,以及公司於物业发展、商场及铁路项目方面的中期增长。该行相信公司2021至2025年盈利将升至平均每年220亿元,带动每股派息年复合增长达10%,而股份现价为2021年预测市盈率的18.2倍,低於过去七年平均值,加上股息率达3.4%亦高於七年平均,意味其增长前景未反映在股价上。
该行认为受惠香港零售销售复苏,估计租金下调的影响将有所减缓,料下半年续租租金跌幅将有所收窄。展望疫情复苏後,公司将有三个商场将开幕,带动投资物业组合的楼面面积将升约50%,带动2020至2025年租金收入年复合增长达7%,有助抵销租金方面的压力。
而在物业发展方面,瑞银估计自2022年起物业发展盈利将有所增长,主要受惠项目包括大围、何文田及黄竹坑,更重要的是一部分的盈利已经锁定,估计未来五年物业发展盈利合计560亿元。长远而言新铁路项目包括东涌线延线及屯门南延线等将带动土储,而小蚝湾发展项目亦可提供土地。
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